Strategic Acquisition Strengthens Condition
Monitoring Systems and Logistics Management Capabilities for the
Biopharmaceutical Industry Throughout Cryoport's Family of
Companies
NASHVILLE, Tenn., Nov. 2, 2023
/PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the
"Company"), a leading global provider of innovative products and
services to the fast-growing cell and gene therapy industry
enabling the future of medicine for a new era of life sciences,
today announced the acquisition of Tec4med Lifescience GmbH
("Tec4med"), a solution provider and innovation leader in the
pharmaceutical supply chain visibility, condition monitoring and
temperature-controlled packaging space.
Tec4med was founded in 2017 by Nico Höler and Julian Poths as a technology spin-off of the
Technical University of Darmstadt, Germany. Situated in the Frankfurt area, a global logistics hub for the
pharmaceutical industry, Tec4med provides next generation
pharmaceutical supply chain visibility by integrating condition
monitoring, cloud and artificial intelligence (AI) solutions. ISO
9001-certified, Tec4med works with pharmaceutical-compliant,
ready-to-use devices and intuitive easy-to-use software, offering
customer-specific integrations to meet the rigorous standards of
each individual client. Tec4med will continue to be run by the
current management team.
"The acquisition of Tec4med is an important step for us in
broadening our portfolio of condition monitoring solutions,
fostering new product development and accelerating European market
expansion, particularly in the DACH region (Germany, Austria, Switzerland)," commented Jerrell Shelton, CEO of Cryoport. "By
integrating Tec4med's innovative solutions and services across
Cryoport's family of companies, we will also expand our digital
supply chain solutions offerings for the life sciences industry and
provide our global clients even greater condition monitoring system
options, logistics management capabilities and customer
support."
"The biopharmaceutical industry loses approximately $35 billion annually as a result of failures in
temperature-controlled logistics. Adding Tec4med's technology and
project-based expertise will enhance Cryoport's end-to-end supply
chain solutions — including advanced real-time condition
monitoring — and drive its digitization to provide our
customers with full transparency within the pharmaceutical supply
chain," said Mark Sawicki, CEO of
Cryoport Systems. "The Tec4med technology services will supplement
and complement Cryoport's existing services, bolstering the
seamless integration of condition monitoring hardware and software
throughout our solutions portfolio."
About Cryoport, Inc
Cryoport, Inc. (Nasdaq: CYRX), is
a global provider of innovative products and services to the
fast-growing Cell & Gene Therapy industry - enabling the future
of medicine for a new era of life sciences. With 48 strategic
locations covering the Americas, EMEA (Europe, the Middle
East and Africa) and APAC
(Asia Pacific), Cryoport's global
platform provides mission-critical bio-logistics, bio-storage,
bio-processing, and cryogenic systems to the life sciences markets
worldwide.
For more information, visit www.cryoport.com or follow @cryoport
on X, formerly known as Twitter at www.twitter.com/cryoport for
live updates.
Forward-Looking Statements
Statements in
this press release which are not purely historical, including
statements regarding the Company's intentions, hopes, beliefs,
expectations, representations, projections, plans or predictions of
the future, are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, but are not limited to, those
related to the Company's industry, business, long-term growth
prospects, including expected growth in all of the Company's
markets, plans, strategies, acquisitions, future financial results
and financial condition, such as the Company's outlook and guidance
for full year 2023 revenue and the related assumptions and factors
expected to drive revenue, projected growth trends in the markets
in which the Company operates, the Company's plans and expectations
regarding the launch of new products and services, such as the
expected timing and benefits of such products and services
launches, the Company's plans to further strengthen its business
and continue to position itself for long-term and profitable growth
in the cell and gene therapy industry, and anticipated regulatory
filings or approvals with respect to the products of the Company's
clients. It is important to note that the Company's actual results
could differ materially from those in any such forward-looking
statements. Factors that could cause actual results to differ
materially include, but are not limited to, risks and uncertainties
associated with the effect of changing economic conditions,
including as a result of the COVID-19 pandemic and its variants,
supply chain constraints, inflationary pressures, the ongoing war
between Russia and Ukraine and the effects of foreign currency
fluctuations, trends in the products markets, variations in the
Company's cash flow, market acceptance risks, and technical
development risks. The Company's business could be affected by a
number of other factors discussed in the Company's SEC reports,
including in the "Risk Factors" section of its most recently filed
periodic reports on Form 10-K and Form 10-Q, as well as in its
subsequent filings with the SEC. The forward-looking statements
contained in this press release speak only as of the date hereof
and the Company cautions investors not to place undue reliance on
these forward-looking statements. Except as required by law, the
Company disclaims any obligation, and does not undertake to update
or revise any forward-looking statements in this press
release.
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SOURCE Cryoport, Inc.