Irvine, CA /PRNewswire/ - Cryoport, Inc. (NASDAQ: CYRX, CYRXW) ("Company"), the world's leading temperature-controlled logistics company dedicated to the life sciences industry, today announced the upcoming launch of CryoStork℠ Insurance, which is designed to better serve intended parents and is also in response to the rise in demand for assisted reproductive medicine.
With many couples struggling with infertility and approximately 6.7 million women in the U.S. alone unable to bear a child as reported by the American Society for Reproductive Medicine (ASRM), Cryoport is proud to now expand its offerings for the reproductive medicine market to include insurance options.
CryoStork℠ Insurance will be offered exclusively to Cryoport clients and to the patients at the more than 400 clinics working with Cryoport. CryoStork℠ Insurance is designed to enhance the CryoStork℠ cryogenic logistics solutions offering for the Reproductive Health Market by enabling clients to insure embryos, eggs, sperm and other reproductive tissues against the risk of damage or loss while being transported between fertility clinics, healthcare centers and storage sites.
For the expectant parents, this provides an added "peace of mind" and a financial safety net during their IVF journey. For fertility clinics, the CryoStork℠ Insurance product will help them reduce risks and potential liability.
Cryoport has extensive experience in IVF shipments, as over the past seven years, it has been trusted with 160,000 IVF shipments from more than 400 clinics, representing 62% of the clinics in the U.S. Cryoport employs scientifically-enhanced technologies, has unparalleled logistics expertise and coordinates each shipment with the respective clinics to ensure the safe delivery of the delicate and highly valuable reproductive materials of families; however, in rare cases, shipping failures can occur. The CryoStork℠ Insurance offering provides clients with an inexpensive solution to help mitigate the financial impact of an adverse event during shipping; for example, to provide the funds to support an additional IVF cycle.
CryoStork℠ Insurance will be available to families at two coverage levels: $25,000 and $50,000. Cryoport developed this insurance offering to provide additional "peace of mind" to families during the IVF process as it is meant to mitigate the cost of not only the shipment, but the in vitro fertilization procedures utilized to generate the reproductive material.
Cryoport's logistics solutions, including its CryoStork℠ solution, are designed to meet the growing demand for efficient and dependable logistics services in the Reproductive Medicine Market. These solutions are used by patients undergoing in vitro fertilization treatments, other forms of assisted reproductive technology or simply needing to move their valuable reproductive assets. The CryoStork℠ website provides information for patients and fertility clinics to better understand how Cryoport's powerful and efficient end-to-end cold chain logistics solutions, powered by world class cryogenic logistics, composed of advanced packaging and information technology, and a cutting-edge logistics management platform, can meet the logistics needs of its clients and patients.
Mark Sawicki, PhD, Chief Commercial Officer of Cryoport, commented, "We are very pleased to have the opportunity to further expand and amplify our IVF offerings with CryoStork℠ Insurance, with the goal of helping families remain worry-free during their IVF journey. Our technology and logistics expertise make our services the fastest and most reliable solutions on the market. From shipping logistics, coordinating with the clinics to customs paperwork, and now through our insurance solutions, we make it our top priority to provide our clients with the most comprehensive solutions in the market."
About Cryoport, Inc.
Cryoport is a trusted global provider of solutions for maintaining temperature-sensitive life sciences commodities during distribution, 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.
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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 Company's 10-K for the year ended December 31, 2017 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.
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