American Cryostem Acquires Biolife Cell Bank
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American CryoStem Corporation has acquired Biolife Cell Bank’s adipose tissue and adipose derived stem cell banking services assets.
Located in Dallas, Texas, Biolife operated one of the first and largest tissue and adult stem cell banks in the United States serving U.S. based cosmetic and plastic surgeons, as well as medicinal and therapeutic usages.
Under the Terms of the agreement American CryoStem will acquire certain assets of BioLife including its customer base, physician network, specific laboratory equipment and all stored biologic samples.
John Arnone, CEO of American CryoStem stated, “This acquisition further strengthens our position in the Regenerative Medicine market as a leading provider of tissue and stem cell based processing and storages services. With the acquisition of BioLife’s assets we are able to further expand our tissue and stem cell banking services, physicians network and increase our recurring storage revenue stream”.
David Genecov, MD of BioLife commented, “We are pleased that we were able to enter into this transaction with the leading adipose tissue storage company in the U.S. American CryoStem’s patent pending collection, processing and cryopreservation technology is cutting edge and will provide our physician and storage customers with the highest quality services and expanded future opportunities for unique usage of their stored samples in Regenerative Medicine applications".
CRYO is currently integrating BioLife’s customer base, and physician network into its New Jersey based FDA registered laboratory and storage facility. CRYO expects to complete the integration by the end of the second quarter of 2015.
