Cryoport Inc

(OTC: CYRX)

Industry: Containers & Packaging
On the web: n/a
Employees: n/a

Cryoport, Inc. was originally incorporated under the name G.T.5-Limited on May 25, 1990 as a Nevada Corporation. Upon completion of a Share Exchange Agreement, on March 15, 2005 the Company changed its name to Cryoport, Inc. and acquired all of the issued and outstanding shares of Cryoport Systems, Inc. It is a frozen shipping container company, involved in the global movement of biological specimens for the life science industry at temperatures below zero centigrade. It is focused on providing a solution for the frozen shipping market in the growing global biotechnology and pharmaceutical industries. It is commencing the full commercialization of the CryoPort Express(tm) System which is focused on improving the reliability of frozen shipping while reducing the customers' overall operating costs. The CryoPort Express(tm) System provides a simple, effective solution for the frozen or cryogenic transport of biological or pharmaceutical materials using a web-based order-entry system, which manages the scheduling and shipping of the CryoPort Express(tm) Shippers, a line of multiple size, cryogenic dry vapor shippers. This line of shippers is capable of maintaining cryogenic temperatures of minus 150 centigrade or less, for 10+ days. A dry cryogenic shipper is a device that uses liquid nitrogen which is contained inside a vacuum insulated bottle as a refrigerant to provide storage temperatures below minus 150? centigrade. The CryoPort dry shipper is designed such that there could be no pressure build up as the liquid nitrogen evaporates, or spillage of liquid nitrogen. A proprietary foam retention system is employed to ensure that liquid nitrogen stays inside the vacuum container, allowing the shipper to be designated as a dry shipper which meets the International Air Transport Association, ( ‘IATA') requirements. These shippers are lightweight, low-cost, re-usable vapor phase liquid nitrogen storage containers that combine the features of packaging, cryogenics and high vacuum technology. The CryoPort Express(tm) Shippers are currently being manufactured at the Company's Lake Forest, California facility. The Company has also developed a patented containment bag which is used in connection with the shipment of infectious or dangerous goods using the CryoPort Express(tm) Shipper. It currently has an internal sales person who manages both its direct sales efforts and its limited third party resellers, which include Miller Supply, Air Liquide and Tegrant. Its current distribution channels cover the Americas, Europe and Asia. Within the Company's intended markets for the CryoPort Express(tm) System, there is limited known competition. On the other hand, the traditional suppliers, Chart Industries, Taylor Wharton and Air Liquide are more established and have larger organizations and have greater financial, operational, sales and marketing resources and experience in research and development than it does.