Why BioLife Solutions (BLFS) Stock Is Surging Today

NEW YORK (TheStreet) -- BioLife Solutions  (BLFS) surged Thursday after the hypothermic storage product manufacturer announced a three-year partnership with Somahlution.

Under the terms of the deal, BioLife will manufacture DuraGraft, a tissue preservation solution to store harvested veins for coronary artery bypass graft (CABG) and other vascular access surgeries. 

"We are pleased to announce this new contract manufacturing agreement with Somahlution," said BioLife president and CEO Mike Rice in a statement. "Their requirements and demand forecast are highly aligned with our manufacturing capacity and core expertise in aseptic formulation, fill, and finish of biopreservation media products. We understand their critical requirements and will work very hard to meet and exceed their expectations."

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

The stock was up 16.64% to $2.77 at 3:21 p.m. More than 2 million shares had changed hands, which dwarfed the average volume of 67,425.

BLFS Chart BLFS data by YCharts

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

More from Markets

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Week Ahead: Trade Fears and Stress Tests Signal More Volatility To Come

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Trump Takes Aim at Auto Imports; Markets End Mixed -- ICYMI

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

Video: What Oprah's Content Partnership With Apple Means for the Rest of Tech

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

REPLAY: Jim Cramer on the Markets, Oil, Starbucks, Tesla, Okta and Red Hat

Flashback Friday: The Market Movers

Flashback Friday: The Market Movers