BioLife Solutions Announces Changes to Board of Directors

Rhea-AI Summary

BioLife Solutions (Nasdaq: BLFS) has announced changes to its board of directors, effective July 12, 2021. Raymond W. Cohen resigned from the board after serving since 2006 and as chairman since 2013. Mike Rice, the current CEO, has been appointed as the new chairman. Cohen expressed gratitude for his time at BioLife, highlighting the company's growth in bioproduction tools for cell and gene therapies. The leadership transition aims to ensure continued strategic direction and growth.

Positive

• Mike Rice's appointment as chairman is expected to provide continuity and strategic leadership.
• Raymond Cohen's long tenure could indicate established relationships and stability in the board.

Negative

• Raymond Cohen's departure may create concerns about leadership continuity and experience gap.

BOTHELL, Wash., July 14, 2021 /PRNewswire/ -- BioLife Solutions, Inc. (Nasdaq: BLFS) ("BioLife" or the "Company"), a leading developer and supplier of class-defining bioproduction products and services for cell and gene therapies and the broader biopharma market, today announced changes to its board of directors.

Raymond W. Cohen, the Chief Executive Officer of Axonics, Inc. (Nasdaq: AXNX), joined the BioLife board in 2006 and has served as chairman since 2013 in addition to serving on, or chairing, various committees during his tenure. His resignation from the board was effective as of July 12^th, 2021.  

Mike Rice commented, "On behalf of all stakeholders of BioLife, we thank Ray for his many years of service for which we are sincerely grateful. His experience, mentorship and board leadership have been instrumental in helping craft our strategy and drive our growth at BioLife."

Current Chief Executive Officer and director, Mike Rice, has been appointed by the board of directors as the new chairman.

Mr. Cohen remarked, "It's been my sincere pleasure over the last 15 years to help Mike and the management team grow BioLife into a leading provider of bioproduction tools for the cell and gene therapy market. BioLife has a great future and I look forward to seeing continued product adoption and financial performance led by Mr. Rice and the new President, Mr. Dusty Tenney."

About BioLife Solutions

BioLife Solutions is a leading supplier of cell and gene therapy bioproduction products and services. Our portfolio includes our proprietary CryoStor^® freeze media and HypoThermosol^® shipping and storage media, ThawSTAR^® family of automated, water-free thawing products, evo^® cold chain management system, Custom Biogenic Systems^® high-capacity cryogenic freezers, Stirling Ultracold^® ULT freezers, and SciSafe^® biologic materials storage. For more information, please visit www.biolifesolutions.com, www.scisafe.com, and www.stirlingultracold.com, and follow BioLife on Twitter.

Media & Investor Relations

Roderick de Greef
Chief Financial Officer
(425) 686-6002

 

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SOURCE BioLife Solutions, Inc.

FAQ

What changes occurred in the board of BioLife Solutions on July 12, 2021?

Raymond W. Cohen resigned from the board, and Mike Rice was appointed as the new chairman.

Why did Raymond W. Cohen resign from BioLife Solutions' board?

Cohen resigned after serving on the board since 2006 and as chairman since 2013, facilitating a leadership transition.

What is the potential impact of the board changes on BioLife Solutions?

The changes may affect strategic direction and continuity, with Mike Rice expected to guide the company forward.