Cryoport Continues its Expansion in the European Market with Tec4med Lifescience GmbH Acquisition
Strategic Acquisition Strengthens Condition Monitoring Systems and Logistics Management Capabilities for the Biopharmaceutical Industry Throughout Cryoport's Family of Companies
NASHVILLE, Tenn., Nov. 2, 2023 /PRNewswire/ -- Cryoport, Inc. (NASDAQ: CYRX) ("Cryoport" or the "Company"), a leading global provider of innovative products and services to the fast-growing cell and gene therapy industry enabling the future of medicine for a new era of life sciences, today announced the acquisition of Tec4med Lifescience GmbH ("Tec4med"), a solution provider and innovation leader in the pharmaceutical supply chain visibility, condition monitoring and temperature-controlled packaging space.
Tec4med was founded in 2017 by Nico Höler and Julian Poths as a technology spin-off of the Technical University of Darmstadt, Germany. Situated in the Frankfurt area, a global logistics hub for the pharmaceutical industry, Tec4med provides next generation pharmaceutical supply chain visibility by integrating condition monitoring, cloud and artificial intelligence (AI) solutions. ISO 9001-certified, Tec4med works with pharmaceutical-compliant, ready-to-use devices and intuitive easy-to-use software, offering customer-specific integrations to meet the rigorous standards of each individual client. Tec4med will continue to be run by the current management team.
"The acquisition of Tec4med is an important step for us in broadening our portfolio of condition monitoring solutions, fostering new product development and accelerating European market expansion, particularly in the DACH region (Germany, Austria, Switzerland)," commented Jerrell Shelton, CEO of Cryoport. "By integrating Tec4med's innovative solutions and services across Cryoport's family of companies, we will also expand our digital supply chain solutions offerings for the life sciences industry and provide our global clients even greater condition monitoring system options, logistics management capabilities and customer support."
"The biopharmaceutical industry loses approximately $35 billion annually as a result of failures in temperature-controlled logistics. Adding Tec4med's technology and project-based expertise will enhance Cryoport's end-to-end supply chain solutions — including advanced real-time condition monitoring — and drive its digitization to provide our customers with full transparency within the pharmaceutical supply chain," said Mark Sawicki, CEO of Cryoport Systems. "The Tec4med technology services will supplement and complement Cryoport's existing services, bolstering the seamless integration of condition monitoring hardware and software throughout our solutions portfolio."
About Cryoport, Inc
Cryoport, Inc. (Nasdaq: CYRX), is a global provider of innovative products and services to the fast-growing Cell & Gene Therapy industry - enabling the future of medicine for a new era of life sciences. With 48 strategic locations covering the Americas, EMEA (Europe, the Middle East and Africa) and APAC (Asia Pacific), Cryoport's global platform provides mission-critical bio-logistics, bio-storage, bio-processing, and cryogenic systems to the life sciences markets worldwide.
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, long-term growth prospects, including expected growth in all of the Company's markets, plans, strategies, acquisitions, future financial results and financial condition, such as the Company's outlook and guidance for full year 2023 revenue and the related assumptions and factors expected to drive revenue, projected growth trends in the markets in which the Company operates, the Company's plans and expectations regarding the launch of new products and services, such as the expected timing and benefits of such products and services launches, the Company's plans to further strengthen its business and continue to position itself for long-term and profitable growth in the cell and gene therapy industry, and anticipated regulatory filings or approvals with respect to the products of the Company's clients. 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, including as a result of the COVID-19 pandemic and its variants, supply chain constraints, inflationary pressures, the ongoing war between Russia and Ukraine and the effects of foreign currency fluctuations, 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 discussed in the Company'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 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.
Released November 2, 2023