Business
Cryoport Expands into Biostorage through the Acquisition of Cryogene
IRVINE, Calif., May 14, 2019 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) (NASDAQ: CYRXW) ("Company"), the world's leading temperature-controlled logistics
About this update from Cryoport, Inc.
[{"type":"text","content":"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. \n\n \nCryogene 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. \nCryogene'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.\nCryogene'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. \nThis acquisition expands the Company's portfolio of services, allowing Cryoport to continue to leverage the rapid growth in the regener...