Delaware
|
0-18710
|
94-3076866
|
(State or Other Jurisdiction of Incorporation)
|
(Commission File No.)
|
(IRS Employer Identification No.)
|
Exhibit No.
|
Description
|
|
Press release dated November 12, 2015
|
BIOLIFE SOLUTIONS, INC.
|
|||
Dated: November 12, 2015
|
By:
|
/s/ Daphne Taylor
|
|
Daphne Taylor
|
|||
Chief Financial Officer
|
|||
Exhibit No.
|
Description
|
|
Press release dated November 12, 2015
|
● |
Biopreservation media product revenue reached a record high of $1.6 million in the third quarter of 2015, an increase of 31% over the same period in 2014. Third quarter revenue growth was primarily driven by increased sales of our CryoStor and HypoThermosol biopreservation media to the regenerative medicine segment. For the first nine months of 2015, biopreservation media product revenue increased 32% as compared to last year.
|
|
● |
Gross margin in the third quarter of 2015 was 60%, compared to 47% in the third quarter of 2014. The improvement over 2014 reflects higher sales of biopreservation media products and improved utilization of our manufacturing facility..
|
|
● |
Consolidated net loss attributable to BioLife for the third quarter of 2015 was $1.1 million or $0.09/share, compared to a net loss of $0.9 million or $0.07/share in the third quarter of 2014. The increase in the loss is primarily the result of increased headcount and spending related to development and launch activities of our biologistex joint venture.
|
|
● |
Cash used in operations during the third quarter was $1.2 million, resulting in a cash and investments balance of $5.3 million at the end of the quarter.
|
● |
Adoption of the Company’s biopreservation media products into more than 200 pre-clinical validation projects and clinical studies of new cellular immunotherapies and cell and tissue based regenerative medicine products. A significant number involve CAR-T cells and other types of T cells and mesenchymal stem cells targeting blood cancers, solid tumors and other leading causes of death and disability.
|
|
● |
Commercial launch and deployment of the evo™ Smart Shipper and biologistex™ cloud hosted cold chain management app to select key customers.
|
|
● |
Launch of BloodStor® 27 NaCl Freeze Media, targeting end user cryopreservation applications including freezing of platelets for clinical administration. In the U.S. alone, over 2 million doses of fresh platelets are administered annually.
|
|
● |
UK-based TC Biopharm Ltd, a developer of anti-cancer immunotherapies incorporated our CryoStor clinical and commercial grade freeze media in its manufacturing and clinical delivery processes of ImmuniCell, a novel T cell based immunotherapy targeting various cancers.
|
|
● |
Publication of “Practical Handbook of Cell Therapy Cryopreservation” by AABB Press; co-authored by Aby J. Mathew, PhD, Chief Technology Officer of BioLife.
|
● |
20% - 30% growth in biopreservation media product revenue over 2014.
|
|
● |
Continued validation of the evo Smart Shipper and biologistex app and revenue from the service.
|
|
● |
Gross margin in a range of 55% to 60%.
|
|
● |
Increased sales and marketing expenses related to the rollout of the biologistex service.
|
Three Months
Ended September 30,
|
Nine Months
Ended September 30,
|
|||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Product Sales
|
$ | 1,631,926 | $ | 1,243,372 | $ | 4,629,407 | $ | 4,520,302 | ||||||||
Cost of product sales
|
658,542 | 654,978 | 1,954,752 | 2,483,199 | ||||||||||||
Gross profit
|
973,384 | 588,394 | 2,674,655 | 2,037,103 | ||||||||||||
Operating expenses
|
||||||||||||||||
Research and development
|
329,527 | 153,328 | 953,026 | 513,393 | ||||||||||||
Sales and marketing
|
677,033 | 298,263 | 1,819,778 | 810,279 | ||||||||||||
General and administrative
|
1,263,272 | 1,011,316 | 3,514,678 | 2,844,858 | ||||||||||||
Total operating expenses
|
2,269,832 | 1,462,907 | 6,287,482 | 4,168,530 | ||||||||||||
Operating loss
|
(1,296,448 | ) | (874,513 | ) | (3,612,827 | ) | (2,131,427 | ) | ||||||||
Other income (expenses)
|
||||||||||||||||
Gain on disposal of property and equipment
|
–– | 4,400 | –– | 4,400 | ||||||||||||
Interest income
|
4,729 | 7,658 | 18,448 | 12,175 | ||||||||||||
Interest expense
|
–– | –– | –– | (177,308 | ) | |||||||||||
Amortization of deferred financing costs
|
–– | –– | –– | (13,022 | ) | |||||||||||
Total other income (expenses)
|
4,729 | 12,058 | 18,448 | (173,755 | ) | |||||||||||
Net loss
|
(1,291,719 | ) | (862,455 | ) | (3,594,379 | ) | (2,305,182 | ) | ||||||||
Net loss attributable to non-controlling interest
|
223,031 | –– | 499,830 | –– | ||||||||||||
Net Loss attributable to BioLife Solutions, Inc.
|
$ | (1,068,688 | ) | $ | (862,455 | ) | $ | (3,094,549 | ) | (2,305,182 | ) | |||||
Basic and diluted net loss per common share
|
$ | (0.09 | ) | $ | (0.07 | ) | $ | (0.26 | ) | (0.23 | ) | |||||
Basic and diluted weighted average common shares used to calculate net loss per common share
|
12,157,575 | 12,042,739 | 12,134,474 | 9,987,682 |
Selected Consolidated Balance Sheet Data
|
September 30,
|
December 31,
|
||||||
2015
|
2014
|
|||||||
Cash, cash equivalents and investments
|
$ | 5,253,645 | $ | 9,938,394 | ||||
Accounts receivable
|
792,274 | 901,623 | ||||||
Inventories
|
1,783,383 | 965,224 | ||||||
Total current assets
|
8,283,091 | 12,165,762 | ||||||
Total assets
|
13,225,577 | 16,072,918 | ||||||
Total current liabilities
|
1,631,901 | 1,261,776 | ||||||
Total liabilities
|
2,441,176 | 2,136,601 | ||||||
Total BioLife Solutions, Inc. shareholders' equity
|
9,151,891 |
11,803,977
|
Selected Consolidated Cash Flow Data
|
Nine Months Ended
September 30,
|
|||||||
2015
|
2014 | |||||||
Cash used in operating activities
|
$ | (3,703,591 | ) | (2,465,540 | ) | |||
Cash provided by (used in) investing activities
|
3,416,387 | (8,092,498 | ) | |||||
Cash provided by financing activities
|
99,986 | 13,676,822 | ||||||
Net increase (decrease) in cash and equivalents
|
(187,218 | ) | 3,118,784 |
YK2\8_LX?#[XAZMI%_K_@CPIK=[H$:PZ;<7^E07
M,EDBYVI&SJ2JC.0!P#SUYKM** /._BM^R3\,?CGXDCUCQCX#\+^)M4BMUM4N
M]1T^.>5(E9F5 S#.T%V./]HUMGX)>$&>Z8^&]&)OM&7P]<9M4/GZ F4'I4,7P
MM\-Q6>OV_P#8.DM;^*IFN-9A>U1X]4D:-8F:92")"8T13N!R% K?HH XKP?^
MS?X ^'O@/5O"^A>#/#.C^'=>CEBU+3K+3HH+>_61"CB55 #Y0E3NS\O'2M5/
MA5X:B\2Z1K*Z%I:ZMH%F^GZ;>"W7SK*W8*&AC;&50A5X''%=!10!E^,_!6D_
M$7PQ=Z+KNG6FK:3?J$N;2ZB$D,Z@A@&4\'D _A5#XG_"#PK\:_#?]C^+_#FB
M^)M+$@F6UU.SCN8T<9 =0X.&&3R.>371T4