Navigation Links
BioLife Solutions Modifies Existing Credit Facility
Date:7/5/2017

BOTHELL, Wash., July 5, 2017 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading developer, manufacturer and marketer of proprietary clinical grade cell and tissue hypothermic storage and cryopreservation freeze media ("BioLife"), today announced that it has reached an agreement with WAVI Holding AG, ("WAVI") its debt holder and largest shareholder, to modify its existing credit facility effective June 30, 2017.

Pursuant to the modification, WAVI agreed to exchange its existing $4.25 million credit facility, including principal and accrued interest outstanding as of June 1, 2017, for 4,250 shares of the Company's Series A Preferred Stock, which has a fixed, aggregate stated value of $4.25 million. The preferred shares being issued to WAVI are not convertible into any other form of equity and can only be redeemed at the stated value of $4.25 million at times and in amounts solely determined by the Company. The preferred shares also carry an annual cash dividend of 10% of the outstanding stated value, calculated and payable in arrears on a quarterly basis. No additional consideration was provided to WAVI for entering into this agreement.

"This modification will ensure that we continue to meet NASDAQ's minimum shareholder equity requirement of $2.5 million without any dilution to our common shareholders," said Roderick de Greef, BioLife's CFO. "The Company intends to redeem the preferred stock at the stated value of $4.25 million over the next five years, utilizing cash flow generated by operations. We have no plans to redeem or convert the Series A Preferred Stock using common shares."

About BioLife Solutions BioLife Solutions develops, manufactures and markets biopreservation media products and smart shipping containers connected to a cloud hosted cold chain management app to improve the quality of delivery logistics for cells, tissues, and organs. The Company's proprietary HypoThermosol® and CryoStor® platform of solutions are highly valued in the biobanking, drug discovery, and regenerative medicine markets. BioLife's biopreservation media products are serum-free and protein-free, fully defined, and are formulated to reduce preservation-induced cell damage and death. BioLife's enabling technology provides commercial companies and clinical researchers significant improvement in shelf life and post-preservation viability and function of cells, tissues, and organs. For more information please visit www.biolifesolutions.com, and follow BioLife on Twitter.

This press release contains forward-looking statements, including, but not limited to, statements, concerning the company's anticipated business and operations, and cash flows thereof, the intentions to redeem Series A Preferred Shares, and the use of common shares to redeem or convert the Series A Preferred Shares. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including among other things, uncertainty regarding market adoption of products; uncertainty regarding third party market projections; market volatility; competition; litigation; and those other factors described in our risk factors set forth in our filings with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. We undertake no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.

Media & Investor RelationsRoderick de GreefChief Financial Officer(425) 686-6002 rdegreef@biolifesolutions.com


'/>"/>
SOURCE BioLife Solutions, Inc.
Copyright©2017 PR Newswire.
All rights reserved


Related medicine technology :

1. BioLife Solutions Announces Presentation at 8th World Stem Cells & Regenerative Medicine Congress
2. BioLife Solutions Announces the Addition of Robert Preti, Ph.D. to its Scientific Advisory Board
3. BioLife Solutions and SAVSU Technologies Announce Exclusive Distribution Agreement
4. BioLife Solutions Announces $2.2 million Total Revenue for the Third Quarter of 2013
5. BioLife Solutions Appoints Raymond W. Cohen as Chairman and Joe Schick to Board of Directors
6. BioLife Solutions Announces Manufacturing Agreement With Somahlution LLC
7. BioLife Solutions To Present At The 16th Annual Rodman & Renshaw Global Investment Conference In New York City And The Aegis Healthcare & Technology Conference In Las Vegas
8. BioLife Solutions Announces the Addition of Jason Acker, MBA, PhD and Anthony Davies, PhD to its Scientific Advisory Board
9. BioLife Solutions Biopreservation Media Products Used at NeoStem Subsidiary Progenitor Cell Therapy
10. BioLife Solutions to Report Financial Results for Third Quarter 2014 and Provide Business Update on November 6, 2014
11. BioLife Solutions Announces Third Quarter 2014 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:7/21/2017)... RESEARCH TRIANGLE PARK, N.C. , July 21, ... UTHR ) announced today that it will report its ... on Thursday, July 27, 2017. ... Thursday, July 27, 2017, at 9:00 a.m. Eastern Time.  ... callers dialing 1-970-315-0533.  A rebroadcast of the teleconference will ...
(Date:7/19/2017)... , July 19, 2017  Mako Medical Laboratories ... and the Military Family Assistance Fund (MFA) to bring ... to visit with their families one last time ... to coordinate the travel and logistics needed for these ... deployed soldiers and their families. We just wish we ...
(Date:7/14/2017)... It should come as no surprise to anyone that ... of a crippling opioid epidemic. According to the Center ... deaths from opiate-based medications has quadrupled, Says, Dr. David ... 2001 to 2015". During this time, the prescription rate for ... a compelling link between prescription and eventual addiction. The problem ...
Breaking Medicine Technology:
(Date:7/25/2017)... ... ... Facing medical needs with a newborn boy this spring, Crowley Maritime ... for employees that is uncommon in American business: 12 weeks of fully paid parental ... employees as new parents. It keeps our family life more stable. I can be ...
(Date:7/24/2017)... ... July 24, 2017 , ... ... kklaproth(at)robinsmorton(dot)com , Robins & Morton, Perkins Will, Newcomb & Boyd, Walter P ... of the new Destination Medical Building located at Mayo Clinic in Jacksonville, ...
(Date:7/24/2017)... (PRWEB) , ... July 24, 2017 , ... ... the federal Substance Abuse and Mental Health Services Administration’s (SAMHSA) State Targeted Response ... California Department of Health Care Services, will facilitate the development of a hub ...
(Date:7/24/2017)... ... July 24, 2017 , ... The International Essential Tremor Foundation (IETF) will ... essential tremor (ET). The seminar will take place on Saturday, Aug. 26 at the ... The program will run from 9 a.m. to 12 p.m., with check-in beginning at ...
(Date:7/24/2017)... ... July 24, 2017 , ... ... that already work hand-in-hand on an Innovation Collaboration program, have signed a five-year ... experience and cost of the care members and patients receive. The agreement also ...
Breaking Medicine News(10 mins):