IRVINE, Calif., May 16, 2019 /PRNewswire/ -- CalAmp (Nasdaq: CAMP), an advanced technology solutions pioneer transforming the global connected economy, today announced a strategic collaboration with Cryoport (Nasdaq: CYRX) (Nasdaq: CYRXW), the world's leading temperature-controlled logistics company dedicated to the life sciences industry, to develop a next generation condition monitoring system to further assure the security of global temperature controlled pharmaceutical shipments.
This research and development collaboration is aimed at enhancing the protection and preservation of critical life science shipments, which demonstrates CalAmp's continued momentum in the supply chain visibility market and Cryoport's commitment to providing the most advanced best-in-class, data-driven solutions to its biopharmaceutical client base.
It is estimated that pharmaceutical products that require temperature controlled storage and transport are worth approximately $283 billion, and they are expected to rise 70% between 2015 and 2021. Many drug companies are now moving into the large-molecule treatments, which require much more rigorous shipping solutions that meet exacting requirements. These medications are typically more temperature sensitive and have a shorter efficacy, resulting in the need for specialized handling and tracking.
Together with CalAmp, Cryoport is exploring an advanced supply chain visibility service that will monitor, in real-time, environmental readings for regenerative medicine product shipments using Bluetooth® sensor technology.
If successful, the combination of the Cryoport Express® Shippers and the Cryoportal® Logistics Management Platform, coupled with CalAmp's new-to-market SC iOn Tag™ Bluetooth sensor technology and SC iOn Command™ platform, would allow Cryoport to offer another advanced logistics solution that would pro-actively manage supply chain visibility across multi-mode global shipping routes.
"We are pleased with the relationship we are developing with CalAmp and the potential to provide advanced, next generation wireless, Bluetooth solutions that will track and report crucial information for life science shipments in ways that were heretofore not possible," said Jerrell Shelton, CEO of Cryoport. "We are entrusted with highly sensitive and valuable commodities, which require advanced technologies to provide safe and secure conditions at all times. Our Biopharma, Reproductive Medicine, and Animal Health markets require superior quality assurance and non-stop monitoring. The information we provide is vital when bringing biologics, regenerative medicine, vaccines, tissues and advanced therapies to market. The SaaS solutions we are working with CalAmp to develop should, if successful, enable us to add offerings that will significantly reduce the risks associated with the temperature-controlled transportation of commodities in our markets."
"We know how important it is to have access to accurate and sophisticated technology when handling temperature-sensitive commodities," said Jeff Newman, vice president of supply chain visibility solutions at CalAmp. "For supply chain and cold chain suppliers that are entrusted with these products, having real-time insight not only saves money, it also has the ability to save lives and advance the development of groundbreaking new cellular therapies. We are honored to have started this relationship with Cryoport."
About Cryoport, Inc.
Cryoport is the life sciences industry's most trusted global provider of temperature-controlled logistics solutions for temperature-sensitive life sciences commodities, serving the biopharmaceutical market with leading-edge logistics solutions for biologic materials, such as regenerative medicine, including immunotherapies, stem cells and CAR T-cells. Cryoport's solutions are used by points-of-care, CRO's, central laboratories, pharmaceutical companies, manufacturers, university researchers et al; as well as the reproductive medicine market, primarily in IVF and surrogacy; and the animal health market, primarily in the areas of vaccines and reproduction. Cryoport's proprietary Cryoport Express® Shippers, Cryoportal® Logistics Management Platform, leading-edge SmartPak II™ Condition Monitoring System and geo-sensing technology, paired with unparalleled cold chain logistics expertise and 24/7 client support, make Cryoport the end-to-end cold chain logistics partner that the industry trusts.
Cryoport is dedicated to: simplifying global cold chain logistics through innovative technology, unmatched monitoring and data capture and support, including consulting; delivering the most advanced temperature-controlled logistics solutions for the life sciences industry; and providing vital information that provides peace of mind throughout the life of each logistics process. For more information, visit www.cryoport.com. Sign up to follow @cryoport on Twitter at www.twitter.com/cryoport.
CalAmp (Nasdaq: CAMP) is a technology solutions pioneer transforming the global connected economy. We help reinvent businesses and improve lives around the globe with technology solutions that streamline complex IoT deployments and bring intelligence to the edge. Our software applications, scalable cloud services, and intelligent devices collect and assess business-critical data from mobile assets, cargo, companies, cities and people. We call this The New How, powering autonomous IoT interaction, facilitating efficient decision making, optimizing resource utilization, and improving road safety. CalAmp is headquartered in Irvine, California and has been publicly traded since 1983. For more information, visit calamp.com, or LinkedIn, Facebook, Twitter, YouTube or CalAmp Blog.
CalAmp and the CalAmp logo are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries, and/or the EU. Any other trademarks or trade names mentioned are the property of their respective owners.
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 Company's 10-K for the year ended December 31, 2018 filed with the SEC. 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.