Lake Forest-based Cryoport Inc. is looking to raise money and shift its stock exchange listing.
The company, which uses cryogenic technology to ship lifesciences products cold, recently filed papers with the Securities and Exchange Commission for a 3.4-million-share common stock and warrant offering that could fetch a maximum price of $34.6 million.
Cryoport’s shares currently trade on the low-profile over-the-counter billboard exchange, but “after the consummation of this offering, we believe that we will satisfy the listing requirements and expect that our common stock and warrants will be listed on the Nasdaq Capital Market,” the company said.
Its shares are up 56% since the start of the year, and it had a recent market value of $42.4 million.
Cryoport is, like many other younger companies related to the lifescience industry, unprofitable because of the research and regulatory costs of building the business. It posted a net loss of $19.6 million on revenue of $2.6 million in the 12 months ended March 31, 2014, and had an accumulated deficit of $93.9 million as of Dec. 31.
“These losses have had, and likely will continue to have, an adverse effect on our working capital, assets, and equity,” Cryoport said.
The company also noted that it had $773,900 in cash and cash equivalents as of Dec. 31.
“We anticipate, based on currently proposed plans and assumptions relating to our ability to market and sell our products, that our cash on hand and the proceeds from this offering, together with projected cash flows, will satisfy our operational and capital requirements for the next 18 to 24 months,” Cryoport said in its filing.
Separately, Cryoport said it will be the cryogenic logistics partner for distributing Irvine-based diagnostic test provider CombiMatrix Corp.’s new CombiPGS genetic screening test, which is used by hopeful parents who want to increase the chances of having a viable pregnancy through in-vitro fertilization.
A large part of Cryoport’s business is made up of transporting frozen eggs, embryos and sperm for the reproductive medicine market.
“Our relationship with CombiMatrix further extends our commitment to the field of reproductive medicine including IVF clinics,” Cryoport Chief Executive Jerrell Shelton said.
Scan and Cigna Team Up
Health insurers Cigna Corp., which has a regional office in Irvine, and Long Beach-based Scan Health Plan are working together to offer group retiree Medicare Advantage health plans to California employers.
Cigna and Scan said in a news release that the alliance’s goals include streamlined benefit administration for employers; and enhanced coordination with providers to assure transitions from Cigna to Scan upon employees’ retirement and eligibility for Medicare.
Endologix Looks for CFO
Irvine-based device maker Endologix Inc. said last month that Shelley Thunen, its chief financial officer, resigned to spend more time with her family and pursue other personal interests.
Thunen had been the abdominal aortic aneurysm treatment device maker’s financial chief since 2013.
Her background also includes stints at Alcon LensX, a unit of Alcon Inc., and IntraLase Corp., which was acquired by Santa Ana-based Advanced Medical Optics (now Abbott Medical Optics).
Endologix said in a statement that Thunen would continue in her position “through the recruitment and transition process to a new CFO and will remain available to the company as long as required to ensure a smooth and complete transition.”
Bits & Pieces
Executives of Anaheim-based ClearFlow Inc. recently promoted the company’s PleuraFlow device as a way to keep chest drainage tubes clear of blood clotting in the early hours of heart surgery.
They made their comments on a recently released German study that showed about 16% of participating patients required surgical reinterventions addressing complications related to retained blood syndrome. … San Juan Capistrano-based Pacific Medical LLC was featured last month on an episode of the Discovery Channel’s “Innovations with Ed Begley Jr.” series. It sells and repairs patient monitoring equipment.
