Articles from Lifecore Biomedical, Inc.

Company Seeking to Remove Convertible Preferred Stock Exchange Cap to Permit Potential Conversion of Series A Preferred Stock as Contemplated by the Series A Preferred Stock Terms

Company Believes it is Well Positioned for Mid-Term and Long-Term Growth asCurrent Capacity Continues to Support up to $300 Million in Annual Revenue

CHASKA, Minn., Jan. 06, 2025 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that the company will participate at the 43rd Annual J.P. Morgan Healthcare Conference. The conference will take place January 13-16, 2025, in San Francisco, California.

-- Recorded Revenues of $32.6 Million for Q2 Fiscal 2025 --

Webcast Scheduled for Thursday, January 2 at 4:30 p.m. Eastern

Development Services Span Tech Transfer, Process Assessment and Method Validation for Fill and Finish of NRS-033 for Planned Phase 2 Trial

Three-Year Term Extension Combined with Simplification and Reduction of Interest Rates Helps Further Strengthen Company’s Balance Sheet and Overall Financial Position

CHASKA, Minn., Nov. 21, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it hosted a virtual investor day prior to market open during which Lifecore’s senior management team discussed the company’s business and strategy for growth in the future, among other topics. A replay of the event is available via webcast and can be accessed by visiting the Events & Presentations section of Lifecore’s investor web page at: https://ir.lifecore.com/events-presentations.

CHASKA, Minn., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that Paul Josephs, the company’s president and chief executive officer, will be a featured speaker in a fireside chat at the upcoming Stephens Annual Investment Conference. The conference is being held November 19-21, 2024, in Nashville, Tennessee.

CHASKA, Minn., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it will host a virtual investor day on Thursday, November 21, 2024, prior to market open. The event will take place from 8:00 – 9:30 a.m. Eastern Time and be available via webcast. During the event, members of Lifecore’s senior management team will discuss the company’s business and strategy for growth in the future, among other topics.

Brings Strong Background in Pharmaceutical Manufacturing Operations and Finance to Help Drive Performance and Productivity

-- Recorded Revenues of $24.7 Million for Q1 Fiscal 2025 --

PIPE with New and Existing Investors Supports Working Capital and Operations

CHASKA, Minn., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it will report financial results for the first quarter of fiscal year 2025 on Friday, October 4, 2024, prior to market open and will host a webcast at 8:30 a.m. Eastern Time. Members of Lifecore’s senior management team will discuss financial results for the first quarter and review recent corporate developments.

Multi-Million Dollar Development Agreement Establishes Lifecore as Lindy Biosciences’ Preferred CDMO

CHASKA, Minn., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that the company will participate at four upcoming industry events. Details of the company’s activities at these events are as follows:

Installation and Qualification Successfully Completed for Closed-System Filler for Pre-Filled Syringes, Vials, and Cartridges

CHASKA, Minn., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that Paul Josephs, the Company’s president and chief executive officer, and Ryan Lake, the Company’s chief financial officer, will be the featured speakers in a fireside chat at the upcoming Craig-Hallum Bioprocessing Conference. The conference will take place virtually on September 19, 2024.

CHASKA, Minn., Sept. 12, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it has received written notice from the Nasdaq Listing Qualifications Department stating that the Company has regained compliance with the filing requirement in Nasdaq Listing Rule 5250(c), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission, and that the Company has also cured the deficiency under Nasdaq Listing Rule 5620(a), which requires listed companies to hold an annual meeting of stockholders during each fiscal year. With the Company in compliance with Nasdaq Listing Rule 5250(c), and having cured its deficiency under Nasdaq Listing Rule 5620(a), Nasdaq has ceased any action to delist the Company’s common stock.

Ms. Thompson Brings Nearly 25 Years of HR Leadership Driving Top Performing Cultures and Building Exceptional Teams

CHASKA, Minn., Sept. 06, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that Lifecore has granted a restricted stock unit (“RSU”) award with respect to 262,500 shares of its common stock and a performance stock unit (“PSU”) award for up to 750,000 shares of its common stock to Ryan D. Lake, Lifecore’s newly hired chief financial officer. The RSU award and PSU award were granted September 3, 2024, pursuant to the Company’s previously announced employment agreement with Mr. Lake, and as a material inducement to Mr. Lake joining Lifecore as chief financial officer.

CHASKA, Minn., Sept. 05, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that the Company will participate in the upcoming 17th Annual Barrington Research Virtual Fall Investment Conference. Lifecore management will participate in 1-on-1 investor meetings during the event, which is scheduled to take place virtually on Thursday, September 12, 2024.

Experienced CDMO Industry Financial Executive Ryan Lake Appointed CFO

-- Recorded Revenues of $128.3 million for Fiscal 2024; Year-Over-Year Increase of 24.2% ---- High Value Pipeline Continues to Advance Toward Commercialization ---- State-of-the-Art Technology Enhancements to Expand Capacityand New Business Opportunities –

Provides for the Addition of 22NW Nominees Jason Aryeh and Matthew Korenberg, as Well as Humberto Antunes and Paul Johnson, to the Board

CHASKA, Minn., May 22, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization, today announced that Lifecore has granted a restricted stock unit (“RSU”) award with respect to 525,000 shares of its common stock and a performance stock unit (“PSU”) award for up to 1,500,000 shares of its common stock to Paul Josephs, Lifecore’s newly hired President and Chief Executive Officer. The RSU award and PSU award were granted May 20, 2024 pursuant to the Company’s previously-announced offer letter with Mr. Josephs, and as a material inducement to Mr. Josephs joining Lifecore as President and Chief Executive Officer.

Recent Initiatives Provide Approximately $8 Million of Non-Dilutive, Incremental Liquidity through Various Amendments with Lenders

CHASKA, Minn., April 19, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”) announced today that, on April 15, 2024, the Company received a notification letter (the “Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) indicating that, as a result of the Company’s delay in filing its Quarterly Report on Form 10-Q for the fiscal quarter ended February 25, 2024 (the “Q3 Form 10-Q”) and its continued delay in filing its Quarterly Report on Form 10-Q for the quarterly periods ended August 27, 2023 and November 29, 2023 (the “Q1 Form 10-Q” and “Q2 Form 10-Q,” respectively, and together with the Q3 Form 10-Q, the “Filings”) with the Securities and Exchange Commission (the “SEC”), the Company continues not to be in compliance with the requirements for continued listing under Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”), and that the Nasdaq Hearings Panel would consider the delinquency in the filing of the Q3 Form 10-Q in rendering its determination regarding the Company’s continued listing on Nasdaq Global Select Market.

Year-to-date Results Consistent with Prior Expectations; Experiencing Fiscal Second Half Lift

CHASKA, Minn., March 26, 2024 (GLOBE NEWSWIRE) --  Lifecore Biomedical, Inc. (NASDAQLFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), announced today that Ernst & Young LLP, the Company’s independent registered public accounting firm for the fiscal year ended May 28, 2023, determined that it declined to stand for reappointment as the Company’s independent registered public accounting firm for the Company’s fiscal year ending May 26, 2024 following the filing of the Company’s Annual Report on Form 10-K. Lifecore’s board of directors has initiated a search for a replacement.

Appoints Paul Josephs, an executive with 25 years of CDMO experience as CEO, to succeed current CEO James Hall following his retirement

Efforts now aligned toward the completion of its First Quarter Fiscal 2024 Report on Form 10-Q

Notice of Delisting Will Not Immediately Result in the Suspension or Delisting of the Company’s Securities

CHASKA, Minn., Jan. 12, 2024 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”) announced today that it received a notice (“Notice”) on January 10, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Interim Report on Form 10-Q for the period ended November 29, 2023 (the “Q2 Form 10-Q”), and because the Company remains delinquent in filing its Annual Report on Form 10-K for the period ended May 28, 2023 (the “Form 10-K”) and its Quarterly Report on Form 10-Q for the fiscal quarter ended August 27, 2023 (the “Q1 Form 10-Q” and, together with the Form 10-K and the Q2 Form 10-Q, the “Filings”) with the Securities and Exchange Commission.

Lifecore enters into commercial agreements with Alcon that include new 8-year commercial manufacturing arrangements

CHASKA, Minn., Dec. 13, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today provided a business update.

U.S. Department of Justice Declines Prosecution

CHASKA, Minn., Oct. 18, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”) announced today that it received a notice (“Notice”) on October 12, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Interim Report on Form 10-Q for the period ended August 27, 2023 (the “Form 10-Q”), and because the Company remains delinquent in filing its Annual Report on Form 10-K for the period ended May 28, 2023 (the “Form 10-K” and, together with the Form 10-Q, the “Filings”) with the Securities and Exchange Commission.

CHASKA, Minn., Oct. 10, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today provided an update on its delayed filings. The Company anticipates reporting its Fiscal 2024 First Quarter results in late October or early November, pending completion of its annual audit, and will make a formal announcement via press release once the date is established.

CHASKA, Minn., Aug. 31, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (Nasdaq: LFCR) (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), reported results for the fiscal 2023 fourth quarter and full year ended May 28, 2023.

CHASKA, Minn., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it will host a conference call to discuss fiscal 2023 fourth quarter financial results. The live webcast can be accessed via Lifecore’s website on the Investor Events & Presentations page. The webcast will be available for 30 days.

CHASKA, Minn., Aug. 22, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”) announced today that it received a notice (“Notice”) on August 17, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Annual Report on Form 10-K for the period ended May 28, 2023 (the “Form 10-K”) with the Securities and Exchange Commission.

Going concern qualification is removed as a result of the $150 million new financing transaction announced last week

New $150 million credit arrangements include six-year credit agreement and equipment sale and leaseback to replace existing term loan

CHASKA, Minn., May 22, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it will host a conference call to discuss fiscal 2023 third quarter financial results. The live webcast can be accessed via Lifecore’s website on the Investor Events & Presentations page. The webcast will be available for 30 days.

CHASKA, Minn., April 14, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (NASDAQLFCR) (the “Company”) announced today that it received a notice (“Notice”) on April 13, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Quarterly Report on Form 10-Q for the period ended February 26, 2023 (the “Form 10-Q”) with the Securities and Exchange Commission.

CHASKA, Minn., April 06, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that it has completed the sale of all of its Curation Foods’ assets related to the O Olive Oil and Vinegar® business (“O Olive”) for $6.23 million, subject to certain customary post-closing adjustments.  

Provides $10 million upfront cash commitment to Lifecore for infrastructure preparation and production capacity preparation

CHASKA, Minn., March 16, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), a fully integrated contract development and manufacturing organization (“CDMO”), today announced that the Board of Directors of the Company (the “Board”) intends to initiate a process to evaluate the Company’s potential strategic alternatives to maximize value for stockholders. As part of the process, the Board intends to consider a full range of strategic alternatives, which could include a sale of the Company, potential debt or equity financing transactions, or other possible strategic transactions.

Company Announces Intention to Explore Strategic AlternativesSigns Term Sheet with Key Customer to Materially Expand Commercial RelationshipExpands Development Pipeline from 24 to 25 Active Projects as of Fiscal Second Quarter-endSubsequently Transitioned Three Projects to Commercialization with FDA Approval in Fiscal Third Quarter, Expanding Commercial Products from 26 to 29 with 14 CustomersFiscal Second Quarter Earnings Call Scheduled for March 17th, 2023 at 8:30 am Eastern Time

Proceeds to be used for debt paydown

CHASKA, Minn., Jan. 11, 2023 (GLOBE NEWSWIRE) -- Lifecore Biomedical, Inc. (“Lifecore” or the “Company”), announced today that it received a notice (“Notice”) on January 11, 2023 from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Listing Rule”) because the Company failed to timely file its Quarterly Report on Form 10-Q for the quarter ended November 27, 2022 (the “Form 10-Q”) with the Securities and Exchange Commission.

$38.75 million Private Placement of Series A Convertible Preferred Stock to Support Working Capital and Capital Expenditures While Pursuing Ongoing Divestment Process of non-CDMO Assets

$5 million PIPE supports near-term capital needs to meet equipment milestones

Common stock expected to begin trading tomorrow under new Nasdaq ticker symbol “LFCR”