Cryoport Confirms No Financial Exposure to Silicon Valley Bank

Rhea-AI Summary

Cryoport (NASDAQ: CYRX) has confirmed it has no financial exposure or business relationship with Silicon Valley Bank as of March 13, 2023. The company does not hold any deposits, securities, or maintain accounts with Silicon Valley Bank or its affiliates. This statement aims to reassure investors following concerns surrounding the bank. Cryoport is a leader in temperature-controlled supply chain solutions for the life sciences sector, focusing on biopharmaceutical and cell and gene therapy markets. The company operates over 40 strategic locations globally, providing essential services to the biopharma/pharma, animal health, and reproductive medicine sectors.

Positive

• No financial exposure to Silicon Valley Bank, alleviating investor concerns.
• Cryoport is positioned as a leading provider of temperature-controlled solutions in the life sciences sector.

Negative

• None.

NASHVILLE, Tenn., March 13, 2023 /PRNewswire/ -- Cryoport, Inc. (Nasdaq: CYRX) ("Cryoport" or the "Company"), a leading global provider of innovative temperature-controlled supply chain solutions for the life sciences industry, with focus on the bio-pharmaceutical and cell and gene therapy markets, today confirms that the Company does not have any exposure or business relationship with Silicon Valley Bank.  Cryoport does not hold any deposits or securities or maintain any accounts at Silicon Valley Bank or with SVB Securities nor does the Company have a lending or other financial relationship with Silicon Valley Bank or its affiliated entities.

About Cryoport, Inc
Cryoport, Inc. (Nasdaq: CYRX), is a global leader in temperature-controlled supply chain solutions for the life sciences industry supporting life-saving cell and gene therapies across the research, clinical and commercial spectrum. With over 40 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical solutions, services, and products to the biopharma/pharma, animal health, and reproductive medicine markets worldwide. In addition to its standard setting supply chain solutions, Cryoport is the world's largest manufacturer of cryogenic systems and one of the largest life science focused specialty couriers.

For more information, visit www.cryoport.com or follow @cryoport on Twitter at www.twitter.com/cryoport for live updates.

Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding the Company'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. These forward-looking statements include, but are not limited to, those related to the Company's industry, business, plans, strategy, acquisitions, financial results and financial condition. 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 discussed in the Company's Securities and Exchange Commission ("SEC") reports including, but not limited to, the Company's Annual Report on Form 10-K for the three and twelve months ended December 31, 2022 and any subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and the Company cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, the Company disclaims any obligation, and does not undertake to update or revise any forward-looking statements in this press release.

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SOURCE Cryoport, Inc.

FAQ

What did Cryoport announce regarding Silicon Valley Bank?

Cryoport announced that it has no financial exposure or business relationship with Silicon Valley Bank as of March 13, 2023.

How does Cryoport's no exposure to Silicon Valley Bank affect investors?

Cryoport's lack of exposure to Silicon Valley Bank alleviates potential investor concerns about financial stability or risks associated with banking relationships.

What is Cryoport's focus in the life sciences industry?

Cryoport specializes in temperature-controlled supply chain solutions, particularly for biopharmaceutical and cell and gene therapy markets.

How many strategic locations does Cryoport operate worldwide?

Cryoport operates over 40 strategic locations globally, providing critical services across various markets.