UOttawa startup PanThera CryoSolutions sold to U.S. firm in multimillion-dollar deal

May 13, 2025

PanThera CryoSolutions was acquired last month by BioLife Solutions, a company based in Washington state that specializes in products and services used in cell and gene therapies.

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A startup co-founded in Ottawa that is developing new technologies for preserving human cells used in cutting-edge medical research has been sold to a U.S. company in a cash-and-share deal that could be worth more than US$20 million. PanThera CryoSolutions was acquired last month by BioLife Solutions, a company based in Washington state that specializes in products and services used in cell and gene therapies. BioLife, which trades on the Nasdaq, already owned a stake in PanThera after it partnered with New York’s Casdin Capital in early 2021 to invest US$2 million in the Canadian company. Now, BioLife has purchased the 90 per cent of PanThera’s shares it did not already own for US$9.3 million in cash and about 241,000 BioLife common shares, which are valued at around US$5.6 million at the current stock price. PanThera’s shareholders could also receive up to US$7.2 million in additional BioLife common stock over the next three years if the company hits certain scientific and revenue milestones. Founded in 2018 by University of Ottawa chemistry professor Robert Ben and University of Alberta researcher Jason Acker, PanThera makes synthetic compounds that slow down the buildup of ice – known as recrystallization – that occurs when biological material used in the fields of cell therapy and regenerative medicine is frozen. The tiny molecules, called ice recrystallization inhibitors, are expected to become big business as new cell and gene therapies aimed at treating diseases ranging from cancer to AIDS enter the medical mainstream. Ben, who specializes in synthetic organic and medicinal chemistry, explained to Techopia in 2021 that scientists have been freezing cells and tissues for decades to preserve them for research into therapies for a wide range of diseases. Protective agents such as glycerol have traditionally been used to prevent the cells from drying out in the freezing and thawing process, Ben noted. But ice crystals tend to build up on the cells, often resulting in severe damage. PanThera’s compounds help control the size and formation of those ice crystals, preserving more of the biological material. The firm’s technology also allows cells to survive at higher temperatures than traditional methods, making it easier to store and ship them to remote locations. “This is a very logical solution to the … issues associated with cryopreservation of these very advanced cell types,” Ben told Techopia in a recent interview. Now at a dozen employees, PanThera will continue to develop and manufacture its products at the University of Ottawa, where it currently rents about 1,000 square feet of lab space. Buoyed by its new owners’ deep pockets – BioLife has a market capitalization of US$1.1 billion – PanThera is now looking to hire two or three more scientists to beef up its R&D and quality control teams. But Ben, who is staying on in his current role of chief scientific officer and expects to take on a bigger role in product development, believes the sky is the limit for the company now that it has joined forces with BioLife. “The bandwidth that BioLife has is enormous,” he said. “They’re plugged into almost every clinical trial for cell gene therapies. So now we’ll be able to really hit the ground running and get more traction on that. “They have the means to actually bring this all the way home, so to speak. It’s a perfect partnership. All of us are very excited to see where this is actually going to go now.” In a news release last month, BioLife said the acquisition bolsters its position as the “market leader” in the field of biopreservation. “With the addition of PanThera's IRI technology and the expertise of Jason Acker and Robert Ben, we’re deepening our scientific bench and extending our technological edge,” BioLife chief scientific officer Aby Mathew said in a statement. “Together we are advancing the next wave of cryopreservation solutions to support our growing (cell and gene therapy) customer base.” The agreement comes just as Ottawa's burgeoning biotech sector is riding a wave of momentum. Fast-rising startups such as Virica Biotech and NuvoBio Corp. – whose financial backers include Mitel co-founder Michael Cowpland – are part of a growing crop of companies conducting world-leading research in the nation’s capital. Industry advocates are hoping the emergence of cutting-edge facilities – such as the new biotherapeutics manufacturing hub that’s expected to be part of The Ottawa Hospital’s new Civic campus when it opens in 2028 and the state-of-the-art $280-million medical research facility now under construction at the University of Ottawa – will boost the local sector even further. Ben stressed that even though PanThera’s new owners are based in the United States, uOttawa continues to own the company’s intellectual property. BioLife’s “complementary expertise” will help take the startup to the next level, he added, which should benefit the local industry as a whole. “This was really a very logical fit,” he said. “Many groups don’t have this opportunity. I think we’re really fortunate.”