NEW YORK (TheStreet) -- BioLife Sciences (BLFS - Get Report) shares are up by 62% to $3.29 in late morning trading on Monday, after the biopreservation tools marketer announced that its customer, TiGenix, reported positive results from its phase III clinical trial.

TiGenix reported that its lead compound, Cx601, met the primary endpoint in the phase III trial of complex perianal fistula in Crohn's Disease patients.

A single injection of Cx601 was proven to be statistically superior to a placebo in achieving combined remission at week 24 in patients who had inadequate responses to previous therapies.

"We congratulate the entire TiGenix team on this outstanding accomplishment. All of us at BioLife are pleased to be a critical biopreservation tools supplier to TiGenix and are proud to know that our clinical grade HypoThermosol cell storage and shipping media is helping to commercialize another novel cellular therapy," said BioLife CEO Mike Rice.

BioLife also noted that analysts forecast that the stem cell therapy market is expected to be worth $40 billion by 2020 and $180 billion by 2030.

Separately, TheStreet Ratings team rates BIOLIFE SOLUTIONS INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

"We rate BIOLIFE SOLUTIONS INC (BLFS) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."

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