Completes the Company's strategic move away from capital equipment businesses BOTHELL, Wash. , Nov. 14, 2024 /PRNewswire/ -- BioLife Solutions , Inc.
(NASDAQ: BLFS ) ("BioLife" or the "Company"), a leading developer and supplier of bioproduction tools and services for the cell and gene therapy (CGT) market, announces the sale of its final wholly owned freezer subsidiary, Arctic Solutions, Inc. ("Custom Biogenic Systems" or "CBS"), for $6.1 million in cash.
"We have now completed the divestiture of all our freezer and related businesses, which began with the sale of Global Cooling in April. The sale of CBS aligns with our strategic refocus on our proprietary, higher-margin, recurring-revenue cell processing products, and away from our capital equipment freezer and storage businesses that previously included Stirling, SciSafe and CBS," commented Roderick de Greef , Chairman and CEO of BioLife Solutions. About BioLife Solutions BioLife Solutions is a leading supplier of cell processing tools and services for the cell and gene therapy (CGT) market.
Our expertise facilitates the commercialization of new therapies by supplying solutions that maintain the health and function of biologic materials during the collection, development, storage and distribution. For more information, please visit www.biolifesolutions.
com , and follow BioLife on LinkedIn and X . Cautions Regarding Forward Looking Statements Certain statements contained in this press release are not historical facts and ma.