SK pharmteco and Cryoport Partner for Cell and Gene Therapy Logistics and BioServices

Rhea-AI Summary

Cryoport, Inc. (NASDAQ: CYRX) and SK pharmteco have announced a strategic collaboration to provide integrated logistics and manufacturing services for biotechnology and pharmaceutical companies. Cryoport will support SK pharmteco's contract manufacturing of small molecule and cell and gene therapy products with its end-to-end supply chain services, including shipping systems, data solutions, and bioservices.

Jerrell Shelton, CEO of Cryoport, expressed enthusiasm about the partnership, highlighting its alignment with Cryoport's goal to diversify revenue streams, particularly from commercial cell and gene therapies. Dana Cipriano, VP of Analytical Services at SK pharmteco, emphasized the importance of supply chain safety and integrity in the growing cell and gene therapy industry, reaffirming their commitment to providing high-quality services tailored to customer and patient needs.

Positive

• Strategic collaboration with SK pharmteco expands Cryoport's market reach
• Potential for increased revenue from commercial cell and gene therapies
• Diversification of revenue streams through integrated logistics and manufacturing services

Negative

• None.

NASHVILLE, Tenn. and RANCHO CORDOVA, Calif., Sept. 25, 2024 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport"), a global leader in supply chain solutions for the life sciences industry, and SK pharmteco, a global contract development and manufacturing organization, today announced a strategic collaboration to provide fully integrated logistics and manufacturing services to biotechnology and pharmaceutical companies.

Cryoport, with its ability to provide end-to-end cell and gene therapy support services from biomaterial collection to final delivery via its fully integrated supply chain services and equipment, including its shipping systems, data solutions, and bioservices, will now support SK pharmteco's contract manufacturing of both small molecule and cell and gene therapy products.

"We are delighted to be selected by SK pharmteco in supporting its manufacture of APIs and intermediates, biopharmaceuticals, and cell and gene therapies," said Jerrell Shelton, CEO of Cryoport. "Our organizations share a mission to support the life sciences by helping bring lifesaving treatments to patients. This relationship not only extends our reach to more people in need but also aligns with Cryoport's strategic goal to further diversify and enhance our revenue streams, particularly as we continue to drive higher revenue from the support of commercial cell and gene therapies."

Dana Cipriano, Vice President, Analytical Services for SK pharmteco, added, "The cell and gene therapy industry continues to see substantial growth, and ensuring the safety and integrity of the supply chain is essential for these products. We are dedicated to our clients, and partnering with Cryoport reflects our commitment to providing the highest-quality services that are specifically tailored to meet the needs of our customers and the patients they serve."

About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), is a global leader in supply chain solutions for the Life Sciences with an emphasis on cell & gene therapies. Cryoport enables manufacturers, contract manufacturers (CDMO's), contract research organizations (CRO's), developers, and researchers to carry out their respective business with products and services that are designed to derisk services and provide certainty. We provide a broad array of supply chain solutions for the life sciences industry. Through our platform of critical products and solutions including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, we are "Enabling the Future of Medicine™" worldwide, through our innovative systems, compliant procedures, and agile approach to superior supply chain management.

Our corporate headquarters, located in Nashville, Tennessee, is complemented by over 50 global locations in 17 countries, with key sites in the United States, United Kingdom, France, the Netherlands, Belgium, Portugal, Germany, Japan, Australia, India, and China.

For more information, visit www.cryoportinc.com or follow via LinkedIn at https://www.linkedin.com/company/cryoportinc or @cryoport on X, formerly known as Twitter at www.twitter.com/cryoport for live updates.

About SK pharmteco
SK pharmteco is a global contract development and manufacturing organization (CDMO) with production sites, research & development facilities, and analytical laboratories across the U.S., Europe, and Korea. The company partners with biopharmaceutical companies of all sizes to manufacture Active Pharmaceutical Ingredients (API) and intermediates, cell and gene therapy technologies, registered starting materials, and analytical services for the biopharmaceutical industry worldwide. SK pharmteco is a subsidiary of SK Inc. (KRX: 034730) (SK), the strategic investment company for SK Group, South Korea's second-largest conglomerate.

For more information about SK pharmteco, please visit www.skpharmteco.com.

Forward-Looking Statements
Statements in this press release which are not purely historical, including statements regarding Cryoport'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 Cryoport's expectations about future benefits of the support of SK pharmteco's contract manufacturing of both small molecule and cell and gene therapy products, including the potential impact on future revenue and revenue streams.  It is important to note that Cryoport'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 and geopolitical conditions, supply chain constraints, inflationary pressures, the effects of foreign currency fluctuations, trends in the products markets, variations in Cryoport's cash flow, market acceptance risks, and technical development risks. Cryoport's business could be affected by other factors discussed in Cryoport's SEC reports, including in the "Risk Factors" section of its most recently filed periodic reports on Form 10-K and Form 10-Q, as well as in its subsequent filings with the SEC. The forward-looking statements contained in this press release speak only as of the date hereof and Cryoport cautions investors not to place undue reliance on these forward-looking statements. Except as required by law, Cryoport 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 is the purpose of the partnership between Cryoport (CYRX) and SK pharmteco?

The partnership aims to provide fully integrated logistics and manufacturing services to biotechnology and pharmaceutical companies, specifically supporting the manufacture of small molecule and cell and gene therapy products.

How will Cryoport (CYRX) support SK pharmteco in this collaboration?

Cryoport will provide end-to-end cell and gene therapy support services, including shipping systems, data solutions, and bioservices, to support SK pharmteco's contract manufacturing operations.

What strategic goal does this partnership align with for Cryoport (CYRX)?

The collaboration aligns with Cryoport's strategic goal to further diversify and enhance its revenue streams, particularly from the support of commercial cell and gene therapies.

Why is supply chain integrity important in the cell and gene therapy industry according to SK pharmteco?

According to SK pharmteco, ensuring the safety and integrity of the supply chain is essential for cell and gene therapy products due to the substantial growth in this industry and the critical nature of these treatments.