Press Releases
CryoPort Updates Shareholders on Development of Disposable Cryogenic Shipper
Brea, CA, May 11, 2005 CryoPort, Inc. (OTC: CYRX) announced today
new information regarding the development of its one-way, one time
use, disposable cryogenic shipper. Initially, this revolutionary
new shipper was not expected to be ready for client use until the
spring of 2006, with clinical trials commencing during the summer
of 2006. However, due to an accelerated R&D schedule as the
result of additional funding, the development stage of the "phase
one" shipper is now complete. Prototype models of the new disposable
cryogenic shipper are scheduled to be made available to select clients
as early as July 2005.
CryoPort is currently working with a number of
biotech and pharmaceutical companies who have a
high level of interest in the disposable cryogenic
shipper for use in drug delivery. Several of these
companies are already using CryoPort's reusable
cryogenic shipper which is currently being used
to successfully ship product in ongoing clinical
trials.
Cell Genesys (NASDAQ: CEGE), recently purchased
100 of CryoPort's reusable lightweight shippers
with a projected need over the coming months for
several hundred more. This initial order is intended
to serve as a "Proof of Concept" for the technology
that will be incorporated into the soon to be released
disposable shipper.
The use of a cryogenic shipping protocol, rather
than a dry ice protocol, helped Cell Genesys avoid
significant logistical problems that they would
have faced had they been forced to use traditional
dry ice shipping methods. Dry ice shippers can
maintain temperatures of negative seventy eight
degrees Celsius for a maximum of 48 hours before
the shipment must be handled and repackaged. If
not repackaged on fresh dry ice within a small
time frame, the frozen material risks thawing and
becoming unusable. CryoPort's cryogenic shippers
maintain negative one hundred and ninety six degrees
Celsius and can maintain this same level of temperature
for up to a period of 2 weeks, depending on the
application. Additionally, dry ice emits gas vapors,
which result in its classification as a hazardous
material. CryoPort's shippers, including the new
one-way shipper, are non-hazardous and can even
be shipped using traditional postal services.
Once the new disposable shipper completes its initial
testing phase with select clients during the summer
of 2005, large scale manufacturing is expected
to commence in early 2006 in an effort to meet
the anticipated demand from biotech and pharmaceutical
companies worldwide.
'SAFE HARBOR':
Certain statements contained herein constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Since such statements involve risks and uncertainties, the actual results and performance of the Company may turn out to be materially different from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made herein; however, readers should carefully review reports or documents the Company files from time to time with the Securities and Exchange Commission.
Source: CryoPort, Inc.
For investor relations please call (714) 256-6105.