BioLife Solutions Reports Immaterial Financial Exposure to Silicon Valley Bank

Rhea-AI Summary

BioLife Solutions (NASDAQ: BLFS) has addressed its banking relationship with Silicon Valley Bank (SVB) amid recent concerns. The company states there is no immediate risk to its operations, with deposit accounts at SVB below $1 million, well within FDIC insurance limits. BioLife also mentions that its credit facility with SVB remains under assessment but anticipates no short-term borrowing needs. Furthermore, various other institutions manage their third-party investments, mitigating potential liquidity issues linked to SVB.

Positive

• No current risk to operations associated with Silicon Valley Bank.
• Deposits at SVB are under $1 million, below FDIC insurance limits.
• Multiple custodians manage third-party investments, reducing direct exposure.

Negative

• None.

BOTHELL, Wash., March 10, 2023 /PRNewswire/ -- BioLife Solutions, Inc. (NASDAQ: BLFS), a leading supplier of class-defining bioproduction tools and services for the cell and gene therapies ("CGT") and broader biopharma markets, today provided commentary on its current banking relationship with Silicon Valley Bank ("SVB").  BioLife is monitoring the situation at SVB carefully and does not believe there is any current risk to its business.

BioLife's deposit accounts held at SVB in excess of the $250,000 FDIC-insured limits are less than $1 million which the company does not believe is a material portion of its cash and cash equivalents.  Multiple institutions serve as custodians for third-party investments held in BioLife's name, and those investments are not directly exposed to any consequences of a liquidity concern at SVB. 

Additionally, BioLife is assessing the implications of SVB's receivership of the company's credit facility with SVB but does not foresee any near-term needs to draw amounts under the facility.

About BioLife Solutions
BioLife Solutions is a leading supplier of class-defining bioproduction tools and services for the cell and gene therapy and broader biopharma markets. Our tools portfolio includes our proprietary CryoStor^® and HypoThermosol^® biopreservation media for shipping and storage, the ThawSTAR^® family of automated, water-free thawing products, evo^® cold chain management system, high capacity cryogenic storage freezers, Stirling Ultracold mechanical freezers, SciSafe biologic storage services, and Sexton Biotechnologies cell processing tools.  For more information, please visit www.biolifesolutions.com and follow BioLife on LinkedIn and Twitter.

At the Company
Troy Wichterman
Chief Financial Officer
(425) 402-1400
twichterman@biolifesolutions.com

Investors
LHA Investor Relations
Jody Cain
(310) 691-7100
jcain@lhai.com

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SOURCE BioLife Solutions, Inc.

FAQ

What is BioLife Solutions' exposure to Silicon Valley Bank?

BioLife Solutions reports an immaterial financial exposure to Silicon Valley Bank, with deposits below $1 million.

Is BioLife Solutions at risk due to Silicon Valley Bank?

No, BioLife Solutions does not foresee any immediate risk to its business from the situation at Silicon Valley Bank.

How does BioLife Solutions manage its investments?

BioLife has multiple institutions serving as custodians for its third-party investments, which are not directly exposed to SVB's liquidity issues.

What is the current status of BioLife Solutions' credit facility with SVB?

BioLife Solutions is assessing the implications of SVB's receivership but does not anticipate needing to draw on the credit facility in the near term.