Note 14 - Subsequent Event

9 Months Ended

Sep. 30, 2019

Notes to Financial Statements

Subsequent Events [Text Block]

1 4 . Subsequent Event

On

October 2, 2019,

we funded

$1.5

million in privately held Sexton Biotechnologies (“Sexton”) a recent spinout of Cook Regentec, in exchange for an

18%

ownership stake. Formerly part of Cook Regentec, Sexton has developed and is marketing a portfolio of advanced packaging solutions and human platelet lysate (HPL) serum-replacement media used in cell therapy manufacturing. BioLife and Sexton also plan to establish a cross-marketing partnership to promote their respective product brands within the cell and gene therapy industry. BioLife's investment includes certain rights related to the potential acquisition of Sexton at a future date. 

On

November 12, 2019,

we announced that we acquired the assets of Custom Biogenic Systems, Inc. (“CBS”), a Michigan corporation through a wholly-owned subsidiary, Arctic Solutions, Inc. in consideration for

$15

million, comprised of

$11

million in cash and

$4

million in BioLife common stock. John Brothers, former CBS CEO and sole shareholder, and now Vice President, Advanced Freezer Technologies at BioLife, is eligible to earn up to an additional

$15

million in cash or stock, based on attainment of specific revenue goals over the next

five

years.

Due to the limited time since the acquisition date and the effort required to assess the fair value of assets acquired and liabilities assumed, the initial accounting for the business combination is incomplete at the time of this filing. As a result, the Company is unable to provide the amounts recognized for the major classes of assets acquired and liabilities assumed, acquisition contingencies and goodwill. Also, the Company is unable to provide pro forma revenues and earnings of the combined entity. This information is expected to be included in the Company's Annual Report on Form

10

-K for the year ended

December 31, 2019.