VWR International, Inc. To BioLife Solutions (BLFS.OB) Products Under Exclusive Private Label Agreement 10/19/2005 5:09:57 PM
OWEGO, N.Y., May 18 /PRNewswire-FirstCall/ -- BioLife Solutions Inc. (BULLETIN BOARD: BLFS) announced today that it has entered into an exclusive manufacturing and distribution agreement with VWR International, a leader in the global research laboratory industry with worldwide sales of US $3.0 billion located in West Chester, PA. Under the terms of the agreement, BioLife will manufacture its HypoThermosol(R) and CryoStor(TM) product lines under the VWR private label brand for sale to non-clinical customers and will be supported by VWR's global sales force. The agreement further calls for VWR to purchase a minimum of $7.4 million in products from BioLife over the 5-year life of the agreement in order to maintain exclusivity. Both the HypoThermosol and CryoStor product lines are used in non-clinical applications to preserve cellular matter and tissues for research and drug discovery and in emerging clinical applications, including cell therapy.
BioLife President and CEO John G. Baust, Ph.D., said, "This agreement is clearly a significant milestone for BioLife both in its potential financial impact and in terms of validating the efficacy and value of our core technology. This type of contract, along with our sole-source relationships, will potentially provide the needed financial foundation for operations and product development in the coming periods. We hope to use this agreement as a model relationship as we complete the regulatory and development work necessary to enter clinical markets as well."
Zishan Haroon M.D. Ph.D., VWR Global Vice President, Biopharmaceuticals and BioSciences, commented, "We are delighted to have BioLife as a VWR Biosciences exclusive supplier. Biolife cryopreservation solutions have been shown to be much more effective than traditional methods, providing tremendous value to our customers in their research efforts. VWR Biosciences will continue to bring such technically differentiated suppliers to market for the benefit our customers."
VWR International was recently purchased by a private equity company . Don't know if this impacted relationship with BLFS or not. Also, BLFS under new management team. Last time I conversed with the company, they said the contract was still in place.