IRVINE, Calif., Jan. 26, 2016 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Company"), the leading global cryogenic logistics company for the life sciences industry, today announced the geographic expansion of its Reproductive Medicine (IVF) shipping and logistics solutions to include Cambodia and the Czech Republic.
Cambodia and the Czech Republic are quickly growing in the multi-billion dollar medical tourism business, helping offset regulatory actions by the governments of India, Nepal and Thailand that are severely restricting reproductive services. The actions of these three countries have affected thousands of people around the world who are in need of reproductive treatment and services.
"Cryoport monitors the international reproductive medicine (IVF) market and is positioned to accommodate this global market. Therefore, when actions were taken by the governments of India, Nepal and Thailand that restricted IVF, we sought out alternative IVF markets. We quickly identified Cambodia and the Czech Republic as two dynamic countries with established and growing reproductive medicine markets that will benefit from our advanced cryogenic logistics solutions," said Mark Sawicki, PhD, Chief Commercial Officer of Cryoport.
The Czech Republic is well known for its affordable and high quality medical services, which attracts people from around the world for procedures including reproductive medicine. There are more than 30 fertility clinics in the Czech Republic, with a concentration of clinics in Prague and Brno, as well as Zlin, Olomouc, Kostelec nad Orlici and Hradec Kralove. According to Fertility Clinics Abroad, these clinics are providing excellent standards of fertility treatment.
Cambodia is another example of the ever changing landscape of international IVF. Since 2012, Cambodia has been on the ascent as an IVF center, as its market seems to be ever expanding since the opening of a number of world-class facilities that offer state-of-the-art reproductive treatments and services. IVF in Cambodia is reported to be among the most affordable options worldwide, with prices still at a fraction of Western prices. According to industry sources, the global IVF market will grow at a compound annual growth rate of 11.6% through 2020, at which time, it is estimated that it will be a $21.6 billion market.
"By providing our range of cryogenic logistics solutions to these two countries we are simultaneously helping the IVF industry and executing our growth strategy to support and advance our position as the global leader in end-to-end cold chain logistics for life sciences in this important area of reproductive medicine," said Jerrell Shelton, Chief Executive Officer of Cryoport.
With strategically placed depots in Europe, Asia and North America, Cryoport is able to support cryogenic logistic solutions in more than 90 countries. Cryoport's cold chain logistics solutions monitor temperatures and record the location of packages throughout the entire logistics process. Cryoport is the only cryogenic logistics company in the life sciences industry to provide comprehensive "chain of condition" and "chain of custody" reporting. Cryoport is dedicated to quality and, to its knowledge, is the only company that exercises a rigid quality assurance program, which includes data extraction, as well as exacting standards for individual package qualifications and before each shipment. In all areas, Cryoport strives to maintain the highest quality standards when transporting valuable IVF materials as well as other important life sciences materials.
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. We provide leading edge logistics solutions for biologic materials such as immunotherapies, stem cells, CAR-T cells, and reproductive cells for clients worldwide including points-of-care, CRO's, central laboratories, pharmaceutical companies, contract manufacturers, and university researchers. Our packaging is built around our proprietary Cryoport Express® liquid nitrogen dry vapor shippers, which are validated to maintain a constant below -150°C temperature for a 10 day dynamic shipment duration. Our information technology centers around our Cryoportal™ Logistics Management Platform, which facilitates management of the entire shipment process. Cryoport is the preferred cryogenic logistics solutions partner to the world's largest shipping companies controlling more than 85% of the world's air shipments. 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.
SOURCE Cryoport, Inc.