Lake Forest, CA (October 14, 2014) - Cryoport, Inc. (OTC:CYRX) announced today the first phase of deploying its “Regenerative Medicine Point-of-Care Repository Solution” for Liventa Bioscience’s introduction of Liventa’s AmnioClear® LCT therapy to orthopedic clinics in the US. More than 70 orthopedic clinics have expressed interest in the therapy. Of these clinics, approximately 20 have entered into a registry/ clinical study with Liventa.
Cryoport’s Regenerative Medicine Point-of-Care Repository Solution uses Cryoport Express® Shippers to ship and then store product in its cryogenic environment at a point-of-care site for up to 6 days. The Cryoport Express® Shipper serves as a temporary cryogenic repository enabling the efficient distribution of temperature sensitive allogeneic cell-based therapies without the expense, inconvenience, and potential costly failure of an on-sight, cryopreservation device. Cryoport’s client service professionals monitor each shipment throughout the predetermined process including the shipper’s return to Cryoport where it is cleaned and tested for quality assurance before being returned to inventory for the next shipment. The continuous weekly flow of Cryoport Express® Shippers allows each orthopedist to have a fresh supply of product while avoiding the hassles traditionally associated with shipment and safe storage.
Initial feedback on the effectiveness of Liventa’s AmnioClear® LCT therapy and Cryoport’s Regenerative Medicine Point-of-Care Repository Solution has been positive. Universally, clinics have expressed that they are pleased with the ease of use and their ability to utilize Cryoport Express® Shippers as temporary cryogenic freezers, eliminating the need for expensive stationary cryogenic equipment.
The partnership between Liventa and Cryoport represents an important strategic alliance that provides a full solution for clinics from order entry through delivery. Cryoport’s proprietary, purpose-built cold chain logistics solutions for advanced biologic tissue forms combined with Liventa Bioscience’s access to all orthopedic care providers creates a unique channel in this evolving area of life sciences.
According to one forecast, approximately $230 million of cell based biologic products for orthopedic uses were shipped in 2013 to hospitals and other clinics using dry ice and liquid nitrogen. Cryoport’s Regenerative Medicine Point-of-Care Repository Solution provides a cryogenic environment and eliminates highly inferior and less reliable dry-ice shipping as well as costly and cumbersome liquid nitrogen.
Liventa Bioscience CEO, Robin Young, said, “Cryoport’s “Regenerative Medicine Point-of-Care Repository Solution” is an integral and vitally necessary part of this groundbreaking new study and will continue to enable its cryogenically preserved knee OA treatment as additional clinics are added to the registry. Liventa’s early successes are the result of our careful research which led to this partnership. We concluded that Cryoport’s cryogenic logistics solutions for life sciences are the most advanced solution available for both our AmnioClear cryopreserved tissue products and other advanced biologic and transplant products. Cryoport’s solution opens up every corner of the orthopedic industry to advanced biologic tissue and cell forms. This is a revolutionary logistics solution which mirrors the changing nature of orthopedic care delivery patterns.”
“With Cryoport’s Regenerative Medicine Point-of-Care Repository Solution, there are no hazardous dry-ice, bulky and costly liquid nitrogen containers or expensive cryogenic freezers. There is also no unnecessary capital investment for the clinics. Overall, this solution significantly simplifies the adoption of therapies requiring cryopreservation,” Young concluded.
Jerrell Shelton, Cryoport’s CEO, said, “We are proud to be a strategic partner providing enabling technologies to support Liventa Bioscience and its potentially revolutionary impact on orthopedic therapies. Our partnership is in its earliest stage of bringing Liventa’s AmnioClear products and other advanced biologic solutions to an estimated 108 million patients annually that suffer from knee, hip, extremity, spine and other orthopedic disabilities. As Liventa’s AmnioClear® LCT therapies are adapted, Cryoport will be there to support them and play an increasing role. Liventa is but one example of Cryoport’s future as an enabling technology in all segments of life sciences.”
“Orthopedic care is currently provided in the offices of family practitioners, internists, orthopedists’ ambulatory surgical center, pain management clinics, pharmacies, physical medicine specialists, rheumatologists, sports medicine clinics and, of course, the chiropractor, which totals over 10,000 potential points of care. Among established orthopedic programs at large hospital networks, the fastest growing practice sector is outpatient orthopedic care. By and large, orthopedists do not have cryogenic freezers or the infrastructure to handle cell based tissue forms and Cryoport solves that problem with its innovative technologies,” concluded Mr. Shelton.
About Cryoport, Inc.
Cryoport provides leading edge cryogenic logistics solutions to the life sciences industry through the combination of purpose-built proprietary packaging, software technologies and skilled and total management of the entire logistics process. Cryoport Express® liquid nitrogen dry vapor shippers are validated to maintain a constant -150°C temperature for a 10-plus day dynamic shipment duration, and its Cryoportal™ Logistics Management Platform assists in managing the entire shipment process, including initial order input, document preparation, customs documentation and clearance, courier management, shipment tracking, issue resolution, and delivery. Cryoport’s total turnkey logistics solutions offer reliability, cost effectiveness, and convenience, while the use of recyclable and reusable components provides a “green” and environmentally friendly solution. Among Cryoport’s service options, the client has the option to record and archive the “chain of condition” and “chain of custody” information for shipments thereby meeting the exacting requirements for scientific work and regulatory purposes. For more information visit www.cryoport.com.
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About Liventa Bioscience
Liventa Biosciences, Inc. is a commercial stage biotechnology company focused on bringing advanced biologics to market. Its innovative allograft tissue forms come from living donors and are available through independent distribution in orthopedics, wound care, general surgery and OB/GYN.
Liventa’s CEO, Robin Young, is considered to be one of the leading stem cell analysts in the United States. He is the founder and CEO of the annual New York Stem Cell Summit now in its 8th year.
Liventa is currently offering or is in the process of developing a number of advanced orthopedic biologics including human collagen membrane sheets derived from placental tissues, flowable wound coverings, synovial fluid transplants and innovative new soft tissue repair implants.
Liventa’s advanced biologics for wound care include a range of placental derived coverings which promise to significantly improve the cost / efficacy dynamic for chronic wound care patients. Liventa’s strategic partner for wound care solutions is the leading supplier of wound care products in the United States, Chicago based Medline Inc.
Forward Looking Statements
Statements in this press 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, 2013. 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.