This morning a press release was issued announcing BioLife’s intention to purchase the 56% share of Savsu that they do not currently own. We expect the deal to close in 45 days. We are very excited to be joining the BioLife team!
You can read the press release HERE.
You may know BioLife Solutions for their work as the leading supplier of biopreservation media and automated cell thawing devices for the cell and gene therapy industry. BioLife is a public company, listed on the NASDAQ exchange (Stock symbol: BLFS), and recently included in the Russell 3000 stock index. They have built a great team and a fast growing, well run, exciting business. (website: https://www.biolifesolutions.com)
Importantly, we have been working with BioLife since 2014 when we first joined together to begin development of our evo.is system and to continue the development of our evo hardware. We have regularly coordinated on marketing and sales efforts periodically during the past 6 years. Mike Rice (CEO - BioLife) and Rod DeGreef (CFO - BioLife) currently serve on our Board of Directors. We have had a really long time to get to know the BioLife team, and we like and respect them.
We are excited about joining the BioLife team at this moment in time for a number of reasons: First, and foremost, we are joining a company who’s values and vision strongly matches our own. Second, as activity at Savsu is rapidly increasing, we are joining a team that has the resources and capability to help us reach our full potential.
The entire Savsu team is moving in to this next phase together. We will continue our base of operations in our new Albuquerque facility which houses design, engineering, testing, and fabrication. Our evo.is software team (currently based in the greater Seattle area) will co-locate with BioLife at their headquarters facility in Bothell, WA.
We look forward to talking to you about the next phase of our journey!