BioLife Solutions reports ‘immaterial financial exposure’ to Silicon Valley Bank

BioLife Solutions (BLFS) provided commentary on its current banking relationship with Silicon Valley Bank (SIVB). "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," the company stated in a press release.