Business
BioLife Solutions Completes Acquisition of SAVSU Technologies
BOTHELL, Wash., Aug. 8, 2019 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer and supplier of a portfolio of best in class
About this update from Biolife Solutions, Inc.
[{"type":"text","content":"BOTHELL, Wash., Aug. 8, 2019 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer and supplier of a portfolio of best in class bioproduction tools for cell and gene therapies, today announced that it has executed a share exchange agreement to effect the acquisition of SAVSU Technologies, a leading developer of advanced cold chain management tools for cell and gene therapies. \n\n \nThe acquisition is expected to further strengthen BioLife's position as a leading supplier of disruptive, enabling solutions used in the manufacture, storage and distribution of cell and gene therapies. SAVSU's evo system broadens BioLife's bioproduction tools portfolio, and we believe increases BioLife's footprint and engagement level in its customers' cell and gene therapy manufacturing workflow.\nMike Rice, BioLife CEO, remarked, \"SAVSU has established a critical and highly valued position as a best in class tools provider in the cell and gene therapy distribution ecosystem. Their highly competitive approach offers the most advanced smart container and SaaS technologies, and a go-to-market strategy that enables the leading specialty couriers to offer a higher level of customer service. We look forward to announcing evo product adoption decisions by several marquee cell and gene therapy developers in the coming months.\"\nRoderick de Greef, BioLife Chief Financial Officer, stated, \"We issued 1.1 million common shares to purchase the 56% of SAVSU we did not own. We expect a modest revenue contribution for the balance of 2019 of approximately $500,000. However, we believe that based on the successful conclusion of evaluations currently underway, which are expected to be finalized in the fourth quarter, the evo system product line could add $4 million to $6 million of incremental revenue in 2020.\nAbout SAVSU Technologies\nSAVSU is a privately held designer and manufacturer of innovative high-performance cloud-connected passive storage and transport containers and enabling cold chain cloud applications for temperature-sensitive biologics and pharmaceuticals. Its mission is to improve global health by greatly reducing the waste and risks associated with the improper freezing and overheating of thermal-sensitive medicines and biologics. SAVSU has developed proprietary state-of-the-art technology to ultimately lower costs and impr...