CryoPort Files 10K for Year Ended March 31, 2009

Company Announces Opening Its India Refurbishing and Staging Site

LAKE FOREST, CA -- (MARKET WIRE) -- 07/01/09 -- CryoPort, Inc. (OTCBB: CYRX) today announced that it has filed its Form 10-K for the year ended March 31, 2009. CryoPort also announced opening its first refurbishing and staging facility near New Delhi, India.

For the year ended March 31, 2009 the Company had a net loss of $16,705,151 compared to a net loss of $4,564,054 for the year ended March 31, 2008. Notably, the significant increase in loss for fiscal 2009 was due largely to $10,846,573 of non-cash accounting charges related to the restructuring of debt and the related re-pricing of warrants and debt issued to its two largest creditors. An additional $3,171,685 of the loss was non-cash accounting charges related to debt discounts and valuations of stock and warrants issued in lieu of cash payments on the debt. Please refer to the Form 10-K for a more complete description of the financial results of the Company.

Larry Stambaugh, Chairman and CEO of CryoPort, commented, "This has been a year of progress and building the foundation for the Company, including recently establishing the India refurbishing and staging site. As part of our effort to prepare for commercialization of the CryoPort Express, we have established our first remote refurbishing and staging center near New Delhi India. This location was selected because of the trend by many life sciences companies moving clinical trials to Asia and especially India. We are preparing for the need to have a site near this growth to serve our future customers with shippers that can be delivered within 24 hours to their clinical sites and laboratories.

"While the revenues for last year are not significant, we have laid groundwork for the future success of the Company and the CryoPort Express(TM) System. We recently announced our agreement with FedEx to be able to provide an innovative and breakthrough frozen shipment solution for selected customers in the life science industry. This is part of our continuing plan to advance CryoPort to full commercialization.

"In addition, the Company continues to receive support in the public markets through direct investments. Over the last several months, we have raised over $1 million, which is helping us bridge the gap until we achieve our larger planned financing and growth in sales and are generating positive cash flow. The Company has engaged an investment banking firm to secure larger financing to support the commercialization plans."

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About CryoPort, Inc.

CryoPort ( develops a leading edge, proprietary, technology-driven transport and packaging system focused on providing a solution for the frozen shipping market in the growing global biotechnology and Pharmaceutical industries. The products developed by CryoPort are essential components of the infrastructure required for the testing, research and end user delivery of temperature-sensitive medicines and biomaterials in an increasingly complex logistical environment.


This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Stuart Fine
Carpe DM, Inc.