BioLife Solutions announced a $1 million equity investment in SAVSU Technologies, a designer and manufacturer of high-performance cloud-connected storage and transport containers optimized for the cell and gene therapy supply chain. BioLife Solutions now owns 31% of SAVSU Technologies, up from 26% previously, after all historical capital contributions are accounted for. SAVSU's majority shareholder has also agreed to invest an additional $1 million in SAVSU.
In addition, SAVSU named Mike Rice, BioLife Solutions' CEO, and Roderick de Greef, BioLife Solutions' CFO, to its board of directors.
"The SAVSU team has made tremendous progress in product development and initial commercial adoption, and is successfully executing on a differentiated go-to-market strategy of partnering with the leading specialty logistics companies serving the regenerative medicine market,” Rice said. “The cloud-connected evo product platform serves the entire temperature continuum for cell therapies and the evo shippers and evo.is cloud application are now being marketed by leading specialty couriers including World Courier and Quick International. Additionally, several high-profile cell therapy manufacturers have committed to switching over to SAVSU's technology."
"We appreciate BioLife's confidence in SAVSU as demonstrated by their investment, and welcome Mr. Rice and Mr. de Greef to our board of directors, Dana Barnard, Chief Executive Officer of SAVSU, said. “We have a number of orders booked that demonstrate significant market interest in our evo platform. In addition to expanding our current product line, SAVSU continues to invest in product development. We recently announced the evo extreme product line and a major revision to our industry leading evo.is software system."