BioLife moving up to Nasdaq’s small-cap market
By Seattle Times staff
BioLife Solutions of Bothell, whose products preserve stored cells, tissues and organs for life-science applications, said it will start trading Wednesday on the Nasdaq Capital Market, NASDAQ’s market for small-cap companies.
The company, previously traded over the counter, said in a regulatory filing it has completed the sale of $15.4 million in stock and warrants and erased $14.3 million in debt by converting it to equity on similar terms.
BioLife last month reported 2013 sales of $8.5 million, up 58 percent from the prior year, and a net loss of $1.1 million, down from $1.7 million.
The company said it will retain its current ticker symbol, BLFS. The securities sale and debt-to-equity conversion increased BioLife’s outstanding shares to 12 million, according to president and CEO Mike Rice, yielding a market capitalization of nearly $50 million at Tuesday’s closing price of $3.85.