Tailwinds’ Take: This announcement was well anticipated, but great news nonetheless. Revenue guidance of $8-10M per annum from this contract is double trailing 12 month revenues, so the upside is huge. Expect to see Kite contract announced in not too distant future.
IRVINE, Calif., July 25, 2017 /PRNewswire/ — Cryoport (NASDAQ: CYRX, CYRXW) (“Cryoport” or the “Company”), today announced that Novartis has signed an agreement contracting Cryoport over an initial three-year term for cryogenic logistics support of CTL019/CD19 CAR-T cell therapy.
Cryoport’s cryogenic logistics solutions are designed to meet Novartis’ expanding cryogenic logistics requirements, including the use of its Cryoport Express® shippers, SmartPak II™ Condition Monitoring System, Cryoportal™ Logistics Management Platform, which includes chain-of-condition and chain-of-custody monitoring and, 24/7/365 logistics support.
On March 29th, 2017 Novartis announced that the FDA had accepted their first Biologics License Application for CTL019 and that it was also granted priority review by the FDA. Today, Novartis selected Cryoport for its clinical and commercial logistics support.
Jerrell Shelton, CEO of Cryoport, stated, “We are proud that Novartis has chosen Cryoport to support the clinical studies and the commercialization of its CLT019. This is a milestone for Cryoport. Our Novartis agreement is a good example of how our clinical trial agreements with biopharma clients can drive substantial revenue growth for Cryoport as therapies move through the stages of clinical trials to commercialization. Currently, we are supporting over 140 clinical trials in the regenerative medicine space with 17 of these biopharma clients in Phase III. We enjoy meeting Novartis’s exacting requirements and are delighted to have this commercial agreement in place.”
About Cryoport, Inc.
Cryoport is the life sciences industry’s most trusted global provider of cold chain 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.
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 Transition Report on Form 10-K for the nine months ended December 31, 2016 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.
SOURCE Cryoport, Inc.