BioLife Solutions restructures biologistex CCM LLC joint venture

Pursuant to the restructuring, BioLife will convert its outstanding loan to the JV into a capital contribution and SAVSU will contribute all of its cold chain related operations, technology, IP and assets to the JV. 

BioLife will continue to market and sell evo subscriptions and provide ongoing fulfillment and customer support in exchange for a 20% commission on revenue from its sales and marketing efforts and a fixed monthly fee for the first year.  In addition, certain BioLife employees have been transitioned to the JV, as well as related costs associated with evo and biologistex product development and marketing.  BioLife's ownership interest in the JV will initially be reduced from 52% to 45%, and the JV's operating results will no longer be consolidated with BioLife's results. Mike Rice, BioLife CEO, will remain a member of the JV's Management Committee. 

"Following the successful completion of the development of evo hardware and software, transitioning to a revised corporate structure of our joint venture will help to accelerate growth of this disruptive IoT and cold chain technology platform," said Mike Rice.  "The restructuring consolidates the evo hardware, software and intellectual property into a single entity and moreover, allows for new, external capital to be invested into the JV to drive growth, while at the same time significantly reducing BioLife's cash operating and development expenses.  We will continue to maintain a strong financial interest and operational role in driving the success of the platform and will remain intimately involved in marketing the evo Smart Shipper to the life sciences sector.   BioLife has numerous high profile prospects in the cellular immunotherapy and broader regenerative medicine market that are currently evaluating evo and our award-winning IoT cold chain SaaS.  We look forward to continuing to offer this best-in-class cold chain management solution to our current biopreservation media customers and the cell therapy market."

The biologistex cloud based cold chain management service is an integrated logistics and tracking and trace web app used by shippers of time and temperature sensitive biologic materials.  The evo Smart Shipper is a state of the art precision thermal shipping container with embedded payload monitoring, GPS location tracking, and cellular communication electronics that transmit critical shipment information to the cloud. The SaaS app enables users to monitor high value shipments during transit and configure actionable alerts for downstream recipients for location, approaching destination, delivery, package open, and remaining shelf life or stability via the patent pending StableAlert countdown timer.

Bruce McCormick, newly appointed president and CEO of the biologistex JV, commented, "This is an exciting time in the biotechnology space and our evo system offers the broadest and most sophisticated solution available for transporting precious time and temperature sensitive biologics. We have a long list of exciting product and business announcements that we look forward to sharing in 2017.  As the pace of innovation increases, having evo product design and development, IT development and environmental testing all under one roof is a significant improvement for us.  In 2017, biologistex plans to aggressively increase our sales presence and marketing activities. BioLife has created significant awareness of the need for improved cold chain logistics and we look forward to continuing our collaboration. In addition to welcoming Mike Rice's continued Board of Directors role, we're also pleased to announce that Aby J. Mathew, PhD, BioLife Senior Vice President and Chief Technology Officer, has joined our Scientific Advisory Board."

biologistex designs and builds solutions to ensure the safe delivery and storage of time and temperature sensitive biologic medicines. Our mission is to improve global health by greatly reducing the waste and risks associated with the improper freezing and overheating of thermal-sensitive medicines and biologics. biologistex has developed proprietary state-of-the-art technology to ultimately lower costs and improve delivery of life saving biologic-based medicine. 

BioLife Solutions develops, manufactures and markets biopreservation media products and smart shipping containers connected to a cloud hosted cold chain management app to improve the quality of delivery logistics for cells, tissues, and organs. 

Biolife solutions restructures biologistex ccm llc joint venture