LAKE FOREST, Calif., Sept. 24, 2015 /PRNewswire/ -- Cryoport, Inc. (NASDAQ:CYRX) ("Company") today announced the purchase of certain intellectual property and intellectual property rights to the Cryoportal™ operating platform from KLATU Networks, LLC ("Klatu").
"We view the Cryoportal operating platform as the most powerful operating platform serving the cold chain for life sciences. It is a key differentiator for our cold chain solutions. Unlike many of our competitors' systems, which are adapted logistics systems, the Cryoportal offers features and capabilities that are purpose-built to support the life sciences cold chain and its complexities," stated Jerrell Shelton, CEO of Cryoport. "The advanced capabilities of the Cryoportal are important to many of our customer relationships, including our individual strategic agreements with FedEx, UPS and DHL. Owning this technology outright gives us greater control over our own business, and allows us to leverage our capabilities and expand our solutions into new areas of the life sciences cold chain markets."
The Cryoportal, a central nervous system, supports our entire shipment and logistics process through a single interface, including initial order input, document preparation, customs documentation and clearance, integrator backbone, courier management, shipment tracking, intervention support, issue resolution, and delivery. In addition, the Cryoportal provides unique and incisive information dashboards and validation documentation for every shipment. It can record and retain a fully documented "chain-of-custody" and "chain-of-condition" for every shipment, helping ensure that quality, safety, and stability of shipped commodities are maintained throughout the process.
The purchase of this IP and related IP rights enables Cryoport to expand the use of the Cryoportal operating platform into new markets, including different temperature ranges and other modes of transport, as well as to facilitate licensing of the software for other uses.
About Cryoport, Inc.
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. Leading global companies, such as FedEx, UPS and DHL have each separately selected Cryoport as the preferred cryogenic logistics provider for time- and temperature-sensitive biological material. Cryoport actively supports points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers and university researchers. For more information, visit www.cryoport.com.
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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.