LAKE FOREST, Calif., July 27, 2015 /PRNewswire/ -- Cryoport, Inc. (NASDAQ : CYRX ) ("Cryoport" or the "Company"), the leading provider of advanced cryogenic logistics solutions for the life sciences industry, with markets including immunotherapies, stem cells, cell lines, clinical research organizations, vaccine manufacturers, animal health, and reproductive medicine, is now supporting approximately 45 clinical trials. The majority of these trials are regenerative therapies, including an array of CAR T-cell therapies. In total, these immunotherapy trials are expected to contribute as much as $150 million of revenue for Cryoport over the next five years.
The cryogenic logistics demands to support these therapies throughout their clinical trial phases increase over the life of the trial as data is collected and processed and the trial population size is expanded. Upon successful completion and approval by the U.S. Food and Drug Administration, these therapies are commercialized, providing a "hockey stick" shape to the demand curve for Cryoport's solutions.
Jerrell Shelton, President and CEO of Cryoport, stated, "Our 5-year cumulative estimate of $150 million of revenue associated with these 45 clinical trials is based on market data and customer development schedules. We expect the momentum we have seen in the number of clinical trials supported by Cryoport to continue at its current strong pace, driving higher revenue contributions as new customers contract for our validated cryogenic logistics solutions. It is important to remember that this estimate is at present; the development of immunotherapies is only just beginning and has enormous growth potential."
Immunotherapies are in their infancy and, in recent months, Cryoport has been aggressively expanding its support of all immunotherapies including CAR T-cell and regenerative therapies. Previously, the Company announced relationships with Kite Pharma, Capricor Therapeutics, Cellerant Therapeutics, Caladrius Biosciences et al.
It has been reported that the total biologics market is $289 billion, with a growth rate of 10.8% per year. Cryoport estimates that cryogenic cold chain logistics is growing at 14% per year, reflecting the disproportionate growth of the market requiring cryogenic logistics. Clinical trials supported by Cryoport include diverse therapeutic areas such as oncology, autoimmune disease, Parkinson's, and congestive heart failure. These trials are in Phases I, II, and III and the geographic reach includes the United States, Europe, Japan, Australia, South America, Africa, as well as multiple locations throughout Asia.
Mark W. Sawicki, Ph.D., Chief Commercial Officer of Cryoport, commented, "Cryoport is uniquely positioned to support the rapidly developing immunotherapy segment of the life sciences industry through its advanced cryogenic logistics solutions. We have been building a strong reputation within the scientific community as well as the broader life sciences industry through our strong performance as a premier partner that is able to manage the complexities of getting autologous and allogeneic therapies from manufacturing centers to patients in the specified conditions required."
Mr. Shelton added, "We are pleased with the acceptance of our solutions by the scientific and healthcare communities. Such acceptance, demonstrated through their respective commitment to our cryogenic logistics platform, is further acknowledgment of our growing reputation for reliability with our validated solutions. Cryoport is steadfast in its support of the new therapy areas and expects to continue to partner with cutting edge life sciences companies to support their cryogenic logistics requirements and clinical portfolios in the coming months."
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 -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.