BioLife Solutions, Kite Pharma reach CryoStor agreement

  • By Wire Service
  • Tuesday, July 12, 2016 8:26am
  • Business

Herald staff

BOTHELL — BioLife Solutions, whose products preserve stored cells and tissue, announced on Monday a 10-year agreement with Santa Monica, California-based Kite Pharma, which is developing drugs to fight cancer.

BioLife is to provide its CryoStor product for Kite’s manufacturing process for drug KTE-C19, a T cell therapy currently in four clinical trials for various cancers.

“We are honored that Kite has adopted CryoStor in their production process for truly remarkable and potentially life-saving cellular therapies,” said Mike Rice, BioLife president and CEO, in a statement. “We are committed to supporting Kite with great customer service and high quality products and look forward to the interim data readout from Kite’s first clinical trial later this year.”

BioLife’s stock went up more than 50 percent with the news. The company’s stock trading on the Nasdaq Capital Market closed at $1.57 a share on Friday. It opened at $2.97 a share on Monday, hit a high of $3.58 and closed at $2.37.

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