IRVINE, Calif., May 14, 2019 /PRNewswire/ -- Cryoport, Inc.
(NASDAQ: CYRX) (NASDAQ: CYRXW) ("Company"), the world's leading
temperature-controlled logistics company dedicated to the life
sciences industry, today announced that it has expanded its suite
of temperature-controlled solutions to include biostorage for the
life sciences through its acquisition of Cryogene Partners
("Cryogene"), a Houston-based
company. Cryogene operates a recently expanded 21,000 square foot
state-of-the-art biostorage facility, specializing in the secure
storage of biological specimens, materials and samples. The
acquisition is structured as an asset purchase and is expected to
be immediately accretive to Cryoport's earnings.
Cryogene is an industry leader in the management of critical
biological commodities to support the advancement of cell and gene
therapies, GMP biologics, and public health research. It provides
customized, end-to-end chain of custody solutions for its clients.
Cryogene has an impeccable reputation and has long-term contracts
with Merck, MD Anderson, Houston Methodist Hospital, Texas
Children's Hospital, Mesoblast, Bellicum, Baylor University, and many other noted
institutions due to its proven reliability.
Cryogene's well equipped facilities store clients' commodities
covering the full range of temperatures from cryogenic through
controlled room temperature. Its services include sample
inventorying, data sample discrepancy resolution and accessioning
samples into its validated data inventory software. Cryogene is ISO
9001 compliant, registered and inspected by the Food and Drug
Administration (FDA); is routinely inspected by the Foundation for
the Accreditation of Cellular Therapy (FACT) as a storage supplier
for accredited cell banks; and manages its inventories by a
validated sample inventory software system.
Cryogene's stellar reputation complements that of Cryoport's as
a provider of best-in-class temperature-controlled supply chain
management solutions for the life sciences. Cryoport's expansive
suite of solutions includes its
Cryoportal® Logistics Management Platform, Smartpak
II™ Condition Monitoring System and around-the-clock customer
support and intervention capability.
This acquisition expands the Company's portfolio of services,
allowing Cryoport to continue to leverage the rapid growth in the
regenerative medicine market as industry-wide investment in this
market continues to grow. It also begins to answer and respond to a
growing number of inquiries from Cryoport's existing client base
for a more complete "end-to-end" material management solution
inclusive of bioservices tailored to the regenerative medicine
market.
Marshall Griswold, Chief
Executive Officer of Cryogene and the managing founder stated, "On
behalf of all the employees at Cryogene, I can say we are proud to
be a part of Cryoport and its industry leading initiatives that
provide the life sciences with unparalleled logistics solutions,
and now, biostorage solutions. We have been building our business
over the past fourteen years and it is, indeed, refreshing to be
propelled into helping build a larger and greater endeavor, which
will provide revolutionary services in the rapidly developing life
sciences industry. Of course, with Cryogene as a part of Cryoport,
we plan to accelerate Cryogene's growth, but our focus at Cryogene
will remain on our loyal, long-term clients that put their trust in
us every day."
Jerrell Shelton, CEO of Cryoport,
said, "We welcome the Cryogene team; they will be an important part
of Cryoport as we move forward with the addition of
temperature-controlled bioservices capabilities. By adding Cryogene
to its family, Cryoport is further building out its ecosystem to
better serve the life sciences and, especially, regenerative
therapy. After months of careful research and discussions with the
Cryogene team, we were impressed by their focus on clients,
quality, regulatory compliance, technology, and monitoring
solutions that protect high-value and sensitive biopharmaceutical
commodities during storage. We determined that Cryogene's
commitment to quality is closely aligned with Cryoport's values and
makes Cryogene an excellent strategic and operational fit for our
continuing development."
Mr. Shelton continued, "Cryogene has established an impressive
client roster, demonstrating the strength of demand for high
quality temperature-controlled biostorage options from the
biopharma market. Over time, we plan for Cryogene to build on its
strong foundation by expanding its services and its footprint."
About Cryoport, Inc.
Cryoport is a trusted global
provider of temperature-controlled logistics solutions for life
sciences commodities during distribution, serving the
biopharmaceutical market with leading-edge logistics solutions for
biologic materials, such as regenerative medicine, including
immunotherapies, stem cells and CAR-T cells. Cryoport's solutions
are used by points-of-care, CRO's, central laboratories,
pharmaceutical companies, manufacturers, university researchers et
al; as well as the reproductive medicine market, primarily in IVF
and surrogacy; and the animal health market, primarily in the areas
of vaccines and reproduction. Cryoport's proprietary Cryoport
Express® Shippers, Cryoportal™ Logistics Management
Platform, leading-edge SmartPak II™ Condition Monitoring System and
geo-sensing technology, paired with unparalleled cold chain
logistics expertise and 24/7 client support, make Cryoport the
end-to-end cold chain logistics partner that the industry
trusts.
Cryoport is dedicated to: simplifying global cold chain
logistics through innovative technology, unmatched monitoring and
data capture and support, including consulting; delivering the most
advanced temperature-controlled logistics solutions for the life
sciences industry; and providing vital information that provides
peace of mind throughout the life of each logistics process.
For more information, visit www.cryoport.com. Sign up to follow
@cryoport on Twitter at www.twitter.com/cryoport.
Forward Looking Statements
Statements in
this news release which are not purely historical, including
statements regarding Cryoport, Inc.'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. 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, 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, including the risk factors
listed from time to time in the Company's SEC reports including,
but not limited to, the Company's 10-K for the year ended
December 31, 2018 filed with the SEC.
The Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release.
Cryoport, Inc. disclaims any obligation, and does not undertake to
update or revise any forward-looking statements in this press
release.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/cryoport-expands-into-biostorage-through-the-acquisition-of-cryogene-300850233.html
SOURCE Cryoport, Inc.