UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
For the quarterly period ended March 31, 2005 Commission file number 0-18170
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BIOLIFE SOLUTIONS, INC.
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(Exact name of small business issuer as specified in its charter)
Delaware 94-3076866
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(State of Incorporation) (IRS Employer I.D. Number)
171 Front Street
Owego, NY 13827
(Address of principal executive offices)
Issuer's telephone number, including area code: (607) 687-4487
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Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
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12,413,209 SHARES OF BIOLIFE SOLUTIONS, INC. COMMON STOCK, PAR VALUE $.001 PER
SHARE, WERE OUTSTANDING AS OF MAY 14, 2005.
Transitional Small Business Disclosure Format (check one). Yes No X
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BIOLIFE SOLUTIONS, INC.
FORM 10-QSB
QUARTER ENDED MARCH 31, 2005
INDEX
Page No.
Part I. Financial Information
Item 1. Financial Statements:
Unaudited Balance Sheet at March 31, 2005......................................................... 2
Unaudited Statements of Operations for the three month periods ended March 31, 2005 and March 31,
2004.............................................................................................. 3
Unaudited Statements of Cash Flows for the three month periods ended March 31, 2005 and March
31,2004........................................................................................... 4
Notes to Financial Statements..................................................................... 5-6
Item 2. Management's Discussion and Analysis........................................................... 7-9
Item 3. Controls and Procedures........................................................................ 10
Part II. Other Information
Item 6. Exhibits and Reports on Form 8-K............................................................... 11-12
Signatures............................................................................................. 13
Certifications......................................................................................... 14-16
1
PART I
FINANCIAL INFORMATION
ITEM 1. UNAUDITED FINANCIAL STATEMENTS
BIOLIFE SOLUTIONS, INC.
BALANCE SHEET
(UNAUDITED)
MARCH 31,
2005
------------
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 361,422
Receivables 54,617
Inventories 95,025
Prepaid expenses and other current assets 26,308
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TOTAL CURRENT ASSETS 537,372
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PROPERTY AND EQUIPMENT
Leasehold improvements 39,283
Furniture and computer equipment 39,760
Manufacturing and other equipment 207,074
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TOTAL 286,117
Less: Accumulated depreciation and amortization (173,090)
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NET PROPERTY AND EQUIPMENT 113,027
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TOTAL ASSETS $ 650,399
============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Accounts payable $ 97,705
Accrued expenses 55,673
Accrued salaries 46,838
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TOTAL CURRENT LIABILITIES 200,216
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COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Series F convertible preferred stock, $.001 par value; 12,000
shares authorized, 12,000 shares issued and outstanding 12
Series G convertible preferred stock, $.001 par value; 80
shares authorized, 55 shares issued and outstanding 1
Common stock, $0.001 par value, 25,000,000 shares
authorized, 12,413,209 shares issued and outstanding 12,413
Additional paid-in capital 40,663,172
Accumulated deficit (40,225,415)
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TOTAL STOCKHOLDERS' EQUITY 450,183
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 650,399
============
See notes to financial statements
2
BIOLIFE SOLUTIONS, INC.
STATEMENTS OF OPERATIONS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
2005 2004
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REVENUE
Grant revenue $ - $ 27,287
Facilities fee - related party 20,863 14,786
Management fee - related party 11,475 8,132
Consulting revenue - 59,000
Product sales 87,364 54,946
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TOTAL REVENUE 119,702 164,151
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OPERATING EXPENSES
Research and development 11,330 6,534
Sales and marketing 24,056 71,400
Product sales 48,113 42,950
General and administrative 201,762 312,437
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TOTAL EXPENSES 285,261 433,321
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OPERATING LOSS (165,559) (269,170)
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OTHER INCOME (EXPENSE)
Interest expense - (5,434)
Other income 2,782 16,757
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TOTAL OTHER INCOME (EXPENSE) 2,782 11,323
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LOSS BEFORE BENEFIT FOR TAXES (162,777) (257,847)
(BENEFIT) PROVISION FOR INCOME TAXES - -
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NET LOSS $ (162,777) $ (257,847)
============ ============
BASIC AND DILUTED NET LOSS PER
COMMON SHARE:
TOTAL BASIC AND DILUTED NET LOSS PER
COMMON SHARE $ (0.01) $ (0.02)
============ ============
Basic and diluted weighted average common
shares used to compute net loss per
per share 12,413,209 12,413,209
============ ============
See notes to financial statements
3
BIOLIFE SOLUTIONS, INC.
STATEMENTS OF CASH FLOWS
(UNAUDITED)
THREE MONTHS ENDED
MARCH 31,
2005 2004
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CASH FLOWS FROM OPERATING ACTIVITIES
Net loss $ (162,777) $ (257,847)
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH PROVIDED
(USED) BY OPERATING ACTIVITIES
Depreciation 15,976 11,695
Amortization of loan financing costs - 106,408
CHANGE IN OPERATING NET ASSETS AND LIABILITIES
(INCREASE) DECREASE IN
Accounts receivable 18,431 1,825,977
Due from related party 2,290 (69,534)
Inventories (706) (19,136)
Prepaid and other current assets (23,383) (36,147)
INCREASE (DECREASE) IN
Accounts payable 12,668 (476,774)
Accrued expenses (6,560) (39,869)
Accrued salaries (26,201) (194,159)
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NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (170,262) 850,614
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CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment - (50,317)
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NET CASH USED BY INVESTING ACTIVITIES - (50,317)
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CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable - -
Principal payments on notes payable - (705,525)
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NET CASH (USED) PROVIDED BY FINANCING ACTIVITIES - (705,525)
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NET INCREASE (DECREASE) IN CASH (170,262) 94,772
CASH - BEGINNING OF PERIOD 531,684 787,905
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CASH - END OF PERIOD $ 361,422 $ 882,677
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See notes to financial statements
4
BIOLIFE SOLUTIONS, INC.
NOTES TO FINANCIAL STATEMENTS
A. GENERAL
BioLife Solutions, Inc. ("BioLife" or the "Company") was incorporated in 1998 in
Delaware as a wholly owned subsidiary of Cryomedical Sciences, Inc.
("Cryomedical"), a company that was engaged in manufacturing and marketing
cryosurgical products. BioLife (a) provides cryopreservation process evaluation
services, and (b), based upon its patented HypoThermosol(R) platform technology,
develops, manufactures and markets proprietary cryopreservation solutions that
markedly improve the biological processing and preservation of cells and
tissues.
On June 25, 2002 the Company sold its cryosurgery product line and related
intellectual property assets to Irvine, CA-based Endocare, Inc., a public
company, in exchange for $2.2 million in cash and 120,022 shares of Endocare
restricted common stock. In conjunction therewith, Cryomedical's Board of
Directors approved merging BioLife into Cryomedical and changing its name to
BioLife Solutions, Inc. In September 2002, the merger and name change were
completed and the Company began to trade under the new ticker symbol, "BLFS" on
the OTCBB.
The Balance Sheet as of March 31, 2005, and the Statements of Operations for the
three month periods ended March 31, 2005 and 2004 and Statements of Cash Flows
for the three-month periods ended March 31, 2005 and 2004, have been prepared
without audit. In the opinion of management, all adjustments necessary to
present fairly the financial position, results of operations, and cash flows at
March 31, 2005, and for all periods then ended, have been recorded. All
adjustments recorded were of a normal recurring nature.
Certain information and footnote disclosures normally included in financial
statements prepared in accordance with generally accepted accounting principles
have been condensed or omitted. It is suggested that these financial statements
be read in conjunction with the financial statements and notes thereto, included
in the Company's Annual Report on Form 10-KSB for the year ended December 31,
2004.
The results of operations for the three-month period ended March 31, 2005 are
not necessarily indicative of the operating results anticipated for the full
year.
B. FINANCIAL CONDITION
At March 31, 2005, the Company had stockholders' equity of approximately
$450,000 and a working capital surplus of approximately $337,000. To date, the
Company has been unable to generate sufficient income from operations to meet
its operating needs.
The Company believes it has sufficient funds to continue operations in the near
term. Future capital requirements will depend on many factors, including the
ability to market and sell the Company's product line, research and development
programs, the scope and results of clinical trials, the time and costs involved
in obtaining regulatory approvals, the costs involved in obtaining and enforcing
patents or any litigation by third parties regarding intellectual property, the
status of competitive products, the maintenance of our manufacturing facility,
the maintenance of sales and marketing capabilities, and the establishment of
collaborative relationships with other parties.
5
These financial statements assume that the Company will be able to continue as a
going concern. If the Company is unable to continue as a going concern, the
Company may be unable to realize its assets and discharge its liabilities in the
normal course of business. The financial statements do not include any
adjustments relating to the recoverability and classification of recorded asset
amounts nor to amounts and classification of liabilities that may be necessary
should the Company be unable to continue as a going concern.
C. INVENTORIES
Inventories consist of $52,138 of finished product and $42,887 of manufacturing
materials at March 31, 2005.
D. EARNINGS (LOSS) PER SHARE
Basic earnings (loss) per share is calculated by dividing the net income (loss)
attributable to common stockholders by the weighted average number of common
shares outstanding during the period. Diluted earnings per share is calculated
by dividing income from operations by the weighted average number of shares
outstanding, including potentially dilutive securities such as preferred stock,
stock options and warrants. Potential common shares were not included in the
diluted earnings per share amounts for the three-month periods ended March 31,
2005 and 2004 as their effect would have been anti-dilutive.
E. STOCK OPTIONS
In accounting for stock options to employees, the Company follows the intrinsic
value method prescribed by Accounting Principles Board Opinion No. 25,
Accounting for Stock Issued to Employees, as opposed to the fair value method
prescribed by Statement of Financial Accounting Standards No. 123, Accounting
for Stock-Based Compensation. The following table illustrates the effect on net
income and earnings per share if the Company had applied the fair value
recognition provisions of FASB Statement No. 123:
THREE MONTHS ENDED
MARCH 31,
2005 2004
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Net Income (Loss) as reported $ (162,777) $ (257,847)
Compensation expense based on fair value,
net of related tax effects (17,805) (17,805)
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Pro forma net income (loss) $ (180,582) $ (275,652)
============== ===============
Basic and diluted net income (loss) per share as reported $ (0.01) $ (0.02)
============== ===============
Pro forma $ (0.01) $ (0.02)
============== ===============
This disclosure is in accordance with Statement of Financial Accounting
Standards No. 148, Accounting for Stock-Based Compensation - Transition and
Disclosure.
F. RECLASSIFICATIONS
Certain March 2004 amounts have been reclassified to conform to the March 2005
presentation. The reclassifications had no material effect on operations.
6
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS
The following discussion should be read in conjunction with the Company's
financial statements and notes thereto set forth elsewhere herein.
BioLife has pioneered the next generation of preservation solutions designed to
maintain the viability and health of cellular matter and tissues during
freezing, transportation and storage. Based on the Company's proprietary,
bio-packaging technology and a patented understanding of the mechanism of
cellular damage and death, these products enable the biotechnology and medical
community to address a growing problem that exists today. The expanding practice
of cell and gene therapy has created a need for products that ensure the
biological viability of mammalian cell and tissue material during transportation
and storage. The Company believes that the HypoThermosol(R), GelStor and
CryoStor products it is selling today are a significant step forward in meeting
these needs.
The Company's line of preservation solutions is composed of complex synthetic,
aqueous solutions containing, in part, minerals and other elements found in
human blood, which are necessary to maintain fluids and chemical balances
throughout the body at near freezing temperatures. The solutions preserve cells
and tissue in low temperature environments for extended periods after removal of
the cells through minimally invasive biopsy or surgical extraction, as well as
in shipping the propagated material for the application of cell or gene therapy
or tissue engineering. BioLife has entered into research agreements with several
emerging biotechnology companies engaged in the research and commercialization
of cell and gene therapy technology and has received several government research
grants in partnership with academic institutions to conduct basic research,
which could lead to further commercialization of technology to preserve human
cells, tissues and organs.
The Company currently markets its HypoThermosol(R), CryoStor and GelStor line of
solutions to companies and labs engaged in pre-clinical research, and to
academic institutions.
RESULTS OF OPERATIONS (QUARTER ENDED MARCH 31, 2005 COMPARED TO THE QUARTER
ENDED MARCH 31, 2004)
REVENUE
Revenue for the quarter ended March 31, 2005 decreased $44,449, or 27%, to
$119,702, compared to $164,151 for the quarter ended March 31, 2004. The shift
in focus toward product sales resulted in a 59% increase in revenue from product
sales in the first quarter of 2005 as compared to the first quarter of 2004.
While revenue from product sales rose, total revenue dropped due to declines in
grant revenue and consulting revenue. The decrease in grant revenue is
attributable to the shift in focus toward product sales and away from research
and development activities, which resulted in no grant revenue for the Company
during the first quarter of 2005 as compared to $27,287 in grant revenue for the
first quarter of 2004. In addition, consulting revenue declined as a result of
scheduled completion of contracts with consulting clients. In 2004, the Company
elected to discontinue engaging directly in Small Business Innovative Research
("SBIR") grants and entered into a research agreement with Cell Preservation
Services, Inc. ("CPSI") to outsource to CPSI all BioLife research funded through
SBIR grants. In addition to shifting R&D related expenses to CPSI, BioLife
receives facilities and management fees from CPSI in exchange for the use of
BioLife facilities and management services in connection with the research
performed. In the first quarter of 2005, BioLife had revenues of $20,863 and
$11,475 for facilities fees and management fees, respectively. In the first
quarter of 2004, BioLife had revenues of $14,786 and $8,132 for facilities fees
and management fees, respectively.
COST OF PRODUCT SALES
Cost of Product Sales for the quarter ended March 31, 2005 increased $5,163, or
12%, to $48,113, compared to $42,950 for the quarter ended March 31, 2004. The
increase in cost of product sales is the result of increased production costs
associated with the increase in product sales.
7
RESEARCH AND DEVELOPMENT
Expenses relating to research and development for the quarter ended March 31,
2005 increased $4,796, or 73%, from the previous quarter ended March 31, 2004.
Research and development expenses were $11,330 for the quarter ended March 31,
2005, compared to $6,534 for the quarter ended March 31, 2004. This increase was
due to an increase in patent attorney related fees for the first quarter.
SALES AND MARKETING
For the quarter ended March 31, 2005, sales and marketing expenses decreased
$47,344, or 66%, to $24,056, compared to $71,400 for the quarter ended March 31,
2004. The decrease in sales and marketing expense was due to the resignation of
Alan Rich, Vice President of Sales, on January 31, 2005.
GENERAL AND ADMINISTRATIVE EXPENSE
For the quarter ended March 31, 2005, general and administrative expense
decreased $110,675, or 35%, to $201,762, compared to $312,437 for the quarter
ended March 31, 2004. In the first quarter of 2004, the Company wrote off
previously capitalized loan financing costs of $106,408 associated with note
obligations paid off during the quarter. In addition, the Company incurred
$68,562 in legal fees during the first quarter of 2004, compared to $3,415 in
the first quarter of 2005. The legal expenses incurred during the first quarter
of 2004 resulted from the Company's lawsuit with Endocare. The Company was able
to negotiate and write off $57,844 in liabilities during the first quarter of
2004, which partially offset expenses incurred during the first quarter of 2004.
OPERATING EXPENSES AND NET INCOME
For the quarter ended March 31, 2005, operating expenses (excluding product
costs) decreased $153,223, or 39%, to $237,148, compared to $390,371 for the
quarter ended March 31, 2004. The Company reported a net loss of ($162,777) for
the quarter ended March 31, 2005, compared to a net loss of ($257,847) for the
quarter ended March 31, 2004.
CASH AND CASH EQUIVALENTS
At March 31, 2005, the Company had cash and cash equivalents of $361,422,
compared to cash and cash equivalents of $882,677 at March 31, 2004. At March
31, 2005, the Company had a working capital surplus of $336,626, compared to a
working capital surplus of $936,653 at March 31, 2004.
LIQUIDITY AND CAPITAL RESOURCES
During the first quarter of 2005, the Company generated approximately $87,000 in
product sales, the second highest product sales quarter since inception. The
Company also realized approximately $32,000 in facilities and management fees.
While the new focus on product sales is beginning to demonstrate the products'
potential and the Company is beginning to acquire more customers and gain
exposure, the Company has been unable to support its operations solely from
revenue generated from product sales. In February 2004, the Company collected
$1.887 million from its lawsuit settlement with Endocare. This settlement
enabled the Company to relieve a majority of its debt and liabilities as well as
provide supplemental cash flow to support operating activities.
During the quarter ended March 31, 2005, net cash used by continuing operations
was approximately $170,000, compared to net cash provided by continuing
operating activities of approximately $851,000 for the quarter ended March 31,
2004. The net cash used from operating activities in the first quarter of 2005
resulted primarily from the net loss of ($162,777) for the quarter. This was
partially offset by the increase in accounts payable of $12,668 and the decrease
in accounts receivable of $18,431. In addition, prepaid expenses increased
$23,383, while accrued expenses and accrued salaries decreased by $6,560 and
$26,201, respectively.
There was no net cash used in investing activities for the quarter ended March
31, 2005, compared to $50,317 for the quarter ended March 31, 2004, when the
Company purchased new equipment and made leasehold improvements to support the
new manufacturing facility and product sales.
8
There was no net cash used by financing activities for the quarter ended March
31, 2005. Net cash used by financing activities totaled $705,525 for the quarter
ended March 31, 2004 as all outstanding balances to noteholders were paid in
full.
The Company believes it has sufficient funds to continue operations in the near
term. Future capital requirements will depend on many factors, including the
ability to market and sell our product line, research and development programs,
the scope and results of clinical trials, the time and costs involved in
obtaining regulatory approvals, the costs involved in obtaining and enforcing
patents or any litigation by third parties regarding intellectual property, the
status of competitive products, the maintenance of our manufacturing facility,
the maintenance of sales and marketing capabilities, and the establishment of
collaborative relationships with other parties.
CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The Company's discussion and analysis of its financial condition and results of
operations are based upon its financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States.
The preparation of these financial statements requires the Company to make
estimates and judgments that affect the reported amounts of assets and
liabilities, revenues and expenses and related disclosures. On an ongoing basis,
the Company evaluates estimates, including those related to bad debts,
inventories, fixed assets, income taxes, contingencies and litigation. The
Company bases its estimates on historical experience and on various other
assumptions that are believed to be reasonable under the circumstances, the
results of which form the basis of the Company's judgments on the carrying value
of assets and liabilities. Actual results may differ from these estimates under
different assumptions or conditions.
The Company believes that following accounting policies involves more
significant judgments and estimates in the preparation of the financial
statements. The Company maintains an allowance for doubtful accounts for
estimated losses that may result from the inability of its customers to make
payments. If the financial condition of the Company's customers were to
deteriorate, resulting in their inability to make payments, the Company may be
required to make additional allowances. The Company writes down inventory for
estimated obsolete or unmarketable inventory to the lower of cost or market
based on assumptions of future demand. If the actual demand and market
conditions are less favorable than projected, additional write-downs may be
required.
CONTRACT OBLIGATIONS
The Company leases equipment as lessee, under operating leases expiring on
various dates through 2005. The leases require monthly payments of approximately
$2,340.
In January 2004, BioLife signed a 3 year lease with Field Afar Properties, LLC
whereby BioLife leases 6,161 square feet of office, laboratory, and
manufacturing space in Owego, NY at a rental rate of $6,200 per month.
Renovation of the new facility was completed in April 2004. The Company's Chief
Executive Officer is an owner of Field Afar Properties, LLC.
9
ITEM 3. CONTROLS AND PROCEDURES
At the end of the period covered by this Quarterly Report on Form 10-QSB, the
Company carried out an evaluation, under the supervision and with the
participation of the Company's management, including the CEO/CFO, of the
effectiveness of the design and operation of the Company's disclosure controls
and procedures pursuant to Exchange Act Rule 13a-15. Based upon that evaluation,
the Company's CEO/CFO concluded that the Company's disclosure controls and
procedures are effective in timely alerting him to material information relating
to the Company required to be included in the Company's periodic SEC filings and
are designed to ensure that information required to be disclosed by the Company
in the reports is recorded, processed, summarized and reported within the time
permitted as specified by the applicable rules and forms.
The Company does not expect that its disclosure controls and procedures will
prevent all error and all fraud. A control procedure, no matter how well
conceived and operated, can provide only reasonable assurance that the
objectives of the control procedure are met. Because of the inherent limitations
in all control procedures, no evaluation of controls can provide absolute
assurance that all control issues and instances of fraud, if any, within the
Company have been detected. These inherent limitations include the realities
that judgments in decision-making can be faulty, and that breakdowns can occur
because of simple error or mistake. Additionally, controls can be circumvented
by the individual acts of some persons, by collusion of two or more people, or
by management override of the control. The design of any control procedure also
is based in part upon certain assumptions about the likelihood of future events,
and there can be no assurance that any design will succeed in achieving its
stated goals under all potential future conditions; over time, control may
become inadequate because of changes in conditions, or the degree of compliance
with the policies or procedures may deteriorate. Because of the inherent
limitations in a cost-effective control procedure, misstatements due to error or
fraud may occur and not be detected. The Company's disclosure and controls
procedures are designed to provide reasonable assurance of achieving their
objectives. The Company's CEO/CFO has concluded that the Company's disclosure
controls and procedures are effective at the reasonable assurance level.
There were no significant changes in the Company's internal control over
financial reporting during the quarterly period ended March 31, 2005 that has
materially affected, or is reasonably likely to materially affect, the Company's
internal control over financial reporting.
10
PART II - OTHER INFORMATION
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) The following documents are filed as part of this report:
(1) Financial Statements - filed as part of this report
beginning on page 2.
(2) Exhibits
Exhibit
Number Document
------ --------
3.1 Certificate of Incorporation, as amended (1)
3.2 By-Laws, and amendment, dated March 19, 1990, thereto (1)
4.1 Specimen of Common Stock Certificate (1)
10.1 Stock Option Plan, dated July 7, 1988, and amendment,
dated July 19, 1989 (1)
10.2 1998 Stock Option Plan (2)
10.3 Employment Agreement dated July 1, 2002 between the Company
and Robert Van Buskirk (3)
10.4 Employment Agreement dated July 1, 2002 between the Company
and John G. Baust (3)
10.5 Employment Agreement dated November 1, 2002 between the
Company and Alan F. Rich (6)
10.6 Incubator License Agreement, dated the first day of March
1999, between BioLife Technologies, Inc. (name subsequently
changed to BioLife Solutions, Inc.) and The Research
Foundation of the State University of New York, and
extensions thereto, dated February 23, 2000 and February 7,
2001 relating to the incubator space at the State University
of New York at Binghamton. (4)
10.7 Asset Purchase Agreement dated May 26, 2002 (5)
10.8 Research Agreement dated March 15, 2004 between the Company
and CPSI (7)
10.9 Commercial Lease Agreement dated January 8, 2004 between the
Company and Field Afar Properties, LLC (8)
31.1 Certification pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002*
32.1 Certification pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002*
11
(1) Incorporated by reference to the Company's Annual Report
on Form 10-KSB for the fiscal year ended December 31,
2000.
(2) Incorporated by reference to the Company's Definitive
Proxy Statement for the special meeting of stockholders
held on December 16, 1998.
(3) Incorporated by reference to the Company's annual report
on Form 10-K for the year ended December 31, 2000.
(4) Incorporated by reference to the Company's quarterly
report on Form 10-QSB for the quarter ended September 30,
2002.
(5) Incorporated by reference to the Company's quarterly
report on Form 8-k filed July 10, 2002.
(6) Incorporated by reference to the Company's annual report
on From 10-KSB for the year ended December 31, 2002.
(7) Incorporated by reference to the Company's annual report
on From 10-KSB for the year ended December 31, 2003.
(8) Incorporated by reference to the Company's annual report
on From 10-KSB for the year ended December 31, 2004.
*Filed herewith
(b) Reports on Form 8-K: No reports on Form 8-K were filed during the period
covered by this report.
12
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
BioLife Solutions, Inc.
(Registrant)
Date: May 14, 2005 By: /s/ John G. Baust
---------------------------------
John G. Baust, PhD
President and Chief Executive Officer
(Principal Executive Officer )
13