BioLife Solutions Sells Custom Biogenic Systems for $6.1 Million
BioLife Solutions Completes $6.1 Million Sale
BioLife Solutions, Inc. (NASDAQ: BLFS) has recently confirmed the successful sale of its final wholly owned freezer subsidiary, Arctic Solutions, Inc., also known as Custom Biogenic Systems (CBS). This strategic move resulted in a notable cash gain of $6.1 million. This sale marks a significant step as the company continues to shift its focus away from capital equipment businesses toward more profitable opportunities.
Strategic Shift in Business Focus
Roderick de Greef, Chairman and CEO of BioLife Solutions, shared insights on this development, stating, "We have now completed the divestiture of all our freezer and related businesses, which began with the sale of Global Cooling in April. This transition is a key part of our strategy to concentrate on proprietary, high-margin, recurring-revenue cell processing products and move away from our previous capital equipment freezers and storage businesses. This includes Stirling, SciSafe, and CBS." Such insights give a clear view of the company's renewed commitment to enhancing its core operations within the cell and gene therapy (CGT) market.
About BioLife Solutions
BioLife Solutions is recognized as a premier supplier of innovative cell processing tools designed specifically for the cell and gene therapy market. The company’s extensive experience aids in the commercialization of new therapies, delivering solutions that are essential for maintaining the health and functionality of biologic materials throughout their lifecycle—from collection and development to storage and distribution.
Company Mission and Vision
The mission of BioLife Solutions is to empower the advancement of medical therapies by ensuring that critical biological materials retain their integrity during all stages of processing. With an unwavering commitment to quality and innovation, BioLife is positioned as a vital player in the evolving landscape of medical technology.
Media and Investor Relations
For more inquiries related to media or investor relations, directors can contact:
Troy Wichterman
Chief Financial Officer
(425) 402-1400
Jody Cain
Alliance Advisors IR
(310) 691-7100
Continued engagement with stakeholders is crucial, and BioLife Solutions welcomes all inquiries to further discuss the implications of the recent sale and the company's strategic direction.
Frequently Asked Questions
What prompted BioLife Solutions to sell CBS?
The sale aligns with BioLife Solutions' strategic focus on higher-margin products and services in the cell and gene therapy market, moving away from capital equipment business.
How much was the sale of Custom Biogenic Systems worth?
BioLife Solutions completed the sale of its Custom Biogenic Systems subsidiary for $6.1 million in cash.
Who is the CEO of BioLife Solutions?
Roderick de Greef serves as the Chairman and CEO of BioLife Solutions, steering the company's strategic initiatives.
What areas does BioLife Solutions focus on?
BioLife Solutions focuses on developing cell processing tools and services essential for the cell and gene therapy (CGT) market, especially in biologic materials handling.
How can I learn more about BioLife Solutions?
For additional information about the company, you can visit their official website or find them on various social media platforms including LinkedIn and X.
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