PRESS
RELEASE
BIOLIFE SOLUTIONS INC. COMPLETES $750,000
CONVERTIBLE NOTES FINANCING
Proceeds to Support Expanded Sales & Marketing Strategy
OWEGO, NY – Feb. 13, 2007 – PRNewswire-FirstCall – BioLife Solutions Inc. (OTC Bulletin Board: BLFS), a leading developer and manufacturer of`proprietary preservation media for cells, tissues, and organs, today announced the completion of a $750,000 financing to support its expanded sales and marketing strategy to capture significant share of the worldwide market for preservation media.
PA Consulting Group, a worldwide consulting firm with expertise in life sciences and healthcare, estimates the worldwide market for media to preserve cells, tissues, and organs for research and clinical applications will grow from $175 million in 2007 to over $300 million by 2011.
BioLife Chief Executive Mike Rice remarked: "We're executing a strategy to increase worldwide awareness of our patented HypoThermosol(R) and CryoStor(TM) preservation media and the unique benefits they provide for cell, tissue, and organ preservation. This financing will help support not only a higher level of marketing activities but also expansion of our direct-sales team and distribution network. We very much appreciate the continued support of these key shareholders and their commitment to our strategic plan and the success of BioLife."
BioLife will be exhibiting and presenting at the annual meeting of the International
Society for Stem Cell Research on June 17-21, 2007, in Cairns, Australia, and, several days
later on June 24-27, the annual meeting of the International Society for Cellular Therapy,
in Sydney, Australia.
This news release contains forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. These forward-looking statements include any
statements that relate to the intent, belief, plans or expectations of the Company or its
management, or that are not a statement of historical fact. Any forward-looking statements in
this news release are based on current expectations and beliefs and are subject to numerous
risks and uncertainties that could cause actual results to differ materially. Some of the specific
factors that could cause BioLife Solutions' actual results to differ materially are discussed in the
Company's recent filings with the Securities and Exchange Commission. BioLife Solutions
disclaims any obligation to update any forward-looking statements as a result of developments
occurring after the date of this press release.