IRVINE, Calif., April 13, 2016 /PRNewswire/ -- Cryoport,
Inc. (NASDAQ: CYRX), the world's leading cryogenic logistics
company, announced today that it has entered into a strategic
partnership with Worthington Industries (NYSE: WOR), maker of
cryogenic storage vessels and equipment. Through this partnership,
Worthington's CryoScience by
Taylor Wharton business will design
and manufacture biostorage and logistics equipment for use in
Cryoport's life sciences cryogenic logistics solutions.
Cryoport's proprietary cold chain logistics solutions protect
frozen life sciences commodities from adverse thermal excursions
during clinical development through commercial manufacture;
thereby, contributing to increased success in transport and storage
and efficacy. Through its recently-acquired CryoScience by
Taylor Wharton product line,
Worthington manufactures cold
chain storage and transport vessels and equipment that provide
critically reliable transportation of biological commodities.
Jerrell Shelton, CEO of Cryoport,
stated, "This strategic arrangement with Worthington's CryoScience by Taylor Wharton
Division is important to Cryoport as Worthington is one of the most important and
most competent manufacturers serving our space. With the added
competencies Worthington's
CryoScience by Taylor Wharton brings
to Cryoport, we can concentrate on further advancing and expanding
our cold chain solutions to meet the growing and varied demands for
validated cryogenic logistics solutions in the life sciences
market. Cryoport's leading-edge logistics solutions for biopharma,
animal health, and reproductive medicine are second to none. In
this new age of biology, Cryoport is more than a "nice to have," it
is a strategic consideration. And, with new, innovative,
validated solutions enabled by Worthington, we are confident that our
partnership will prove to be a great success in the marketplace for
both parties."
As the premier provider of cold chain logistics solutions to the
life sciences industry Cryoport is committed to maintaining its
leadership and will further enhance its proprietary shippers,
information technology and specialized cold chain logistics
expertise to continue differentiating its services and providing
superior value to clients. This partnership also gives Cryoport the
opportunity to expand into other logistics areas such as storage
thereby advancing Cryoport's offerings to clients in the storage
and fulfilment areas of logistics.
"Working in tandem with Worthington's CryoScience by Taylor-Wharton
team allows Cryoport to meet the demands of a more diverse
clientele through a broader offering which in turn, increases our
revenue opportunity as well as provides us the opportunity to
rapidly scale to support our clients' commercialization
activities," said Mark Sawicki,
Chief Commercial Officer of Cryoport.
Andrew Pazahanick, Vice President
& GM of Worthington's
CryoScience by Taylor-Wharton business added, "This strategic
partnership between Cryoport and Worthington will help meet the quality and
reliability demands of the growing life sciences industry. Cold
chain logistics has become a strategic consideration, as there is
an ever-increasing need for cryogenic logistics in the biopharma,
animal health, cellular therapy and reproductive medicine markets.
We are pleased to align our business with a key cryogenic logistics
solution in the life sciences market that provides us immediate
access to a distribution platform for our cryogenic products,
equipment and services. We believe that Cryoport combines important
elements of packaging, information technology and logistics
expertise and we are excited to support its efforts to further
scale its solutions."
About Cryoport
Cryoport is the premier provider of
cryogenic logistics solutions to the life sciences industry through
its purpose-built proprietary packaging, information technology and
specialized cold chain logistics expertise. The Company provides
leading edge logistics solutions for biologic materials, such as
immunotherapies, stem cells, CAR-T cells and reproductive cells for
clients worldwide. Cryoport actively supports points-of-care,
CRO's, central laboratories, pharmaceutical companies, contract
manufacturers and university researchers. For more information,
visit www.cryoport.com.
To download Cryoport's investor relations app, which
offers access to SEC documents, press releases,
videos, audiocasts and more, please click to download
from your iPhone and iPad or Android mobile
device.
About Worthington Industries
Worthington Industries
is a leading global diversified metals manufacturing company with
2015 fiscal year sales of $3.4
billion. With the recent acquisition of the CryoScience by
Taylor-Wharton product line, Worthington now offers an expanded portfolio
of cryogenic storage vessels and related equipment designed for the
life sciences markets ranging from 1.5 liter dewars to the largest
LABS Series freezer that stores over 94,000 vials. Headquartered in
Columbus, Ohio, Worthington employs approximately 10,000
people and operates 82 facilities in 11 countries.
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 annual report on Form 10-K for the year ended
March 31, 2015. 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.
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SOURCE Cryoport, Inc.