BioLife's Stock Nearly Doubles After Supply Pact Announced

BioLife Solutions Inc.'s stock nearly doubled in premarket trade Monday, after the maker of biopreservation media products announced a 10-year agreement to supply Kite Pharma with its CryoStor clinical grade freeze media for cells and tissues. Financial terms of the deal were not disclosed. "We are honored that Kite has adopted CryoStor in their production process for truly remarkable and potentially life-saving cellular therapies," said BioLife Chief Executive Mike Rice. The stock was trading up 99% at $3.14, a level that stock hasn't closed at since April 25, 2014. The stock had plunged 76% year to date through Friday, while the S&P 500 had gained 4.2%.