PRESS
RELEASE
BioLife Solutions Announces HypoThermosol® Supply and License Agreement with Bioheart Inc.
Storage and Preservation Media Critical for Manufacturing Cellular Therapy Products
BOTHELL,WA – June 26, 2007 – BioLife Solutions Inc. (OTC BB: BLFS), a leading developer and marketer of proprietary hypothermic storage and cryopreservation media products for cells, tissues, and organs today announced a supply and license agreement with Bioheart Inc., a Sunrise, Florida, cell therapy company commercializing novel biologic-based treatments for cardiac disease.
The 10-year agreement includes volume based pricing and an intellectual property escrow provision which grants Bioheart access under certain conditions to BioLife’s HypoThermosol storage and preservation media when used in the production and therapeutic delivery of Bioheart’s MyoCell®, a cellbased therapy for heart failure. The agreement includes committed purchase amounts and annual license fees payable to BioLife.
Mike Rice, BioLife Chief Executive stated: “We’re very pleased to support Bioheart in their efforts to provide a novel treatment for heart failure. Adoption of our patented HypoThermosol is growing, as more cell therapy companies and clinical researchers are realizing the unique benefits our products provide for transporting, storing, and preserving biologic source material from donor site to processing facility, and for finished cell therapy products from processing facility to patient location.”
According to an August 2006 research report published by Jain PharmaBiotech, the total value of cellbased
markets was $27 billion in 2005 and is expected to grow to $96 billion in 2015, as more than 300
companies are engaged in developing cell-based alternatives to medical devices and drugs to treat and
possibly cure numerous acute and chronic diseases.
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.