Cryoport reports fire damage to new MVE facility in Prague

NASHVILLE, Tenn., January 31, 2022 /PRNewswire/ — Cryoport, Inc. (Nasdaq: CYRX) (“Cryoport” or the “Company”), a global leader in temperature-controlled supply chain solutions for the life sciences industry, reports today today that on January 25, 2022a fire broke out at the MVE Biological Solutions manufacturing plant located in New Prague, Minnesota. the New Prague manufactures aluminum dewars and is one of three global manufacturing facilities for MVE Biological Solutions. No injuries were reported and damage was limited to part of the facility.

Following the damage caused by the fire, the New Prague manufacturing operations will be temporarily curtailed until necessary repairs are completed. The completion date of the repairs is not yet determined, but the process is underway to limit delivery times for aluminum dewars manufactured in the New Prague installation to customers.

Although Cryoport anticipates that operations reduced to New Prague will negatively affect Cryoport’s financial results for the first and possibly the second quarter of 2022, Cryoport expects that a significant portion of the loss resulting from fire damage will be covered by its property and casualty insurance operating.

Cryoport continues to assess the impact of the fire on operations and will provide any further material updates on the situation as they become available.

About Cryoport, Inc.
Cryoport, Inc. (Nasdaq: CYRX), headquartered in Nashville, TN, is a global leader in temperature-controlled supply chain solutions for the life sciences industry, supporting lifesaving cell and gene therapies across the clinical and commercial spectrum. With 33 strategic locations spanning the Americas, EMEA (Europethe Middle East and Africa) and APAC (Asia Pacific), Cryoport’s global platform provides critical solutions, services and products to biopharma, animal health and reproductive medicine customers worldwide. In addition to its industry-leading supply chain solutions, Cryoport is the world’s largest manufacturer of cryogenic systems and one of the largest life science-focused specialty couriers. From September 30, 2021Cryoport has supported eight commercial cell and gene therapies and 582 regenerative medicine clinical trials worldwide, including 70 in phase 3.

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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 that are not purely historical, including statements regarding the Company’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions, are statements forward-looking statements within the meaning of the Private Securities Litigation Reform Act. of 1995. Such forward-looking statements include, but are not limited to, those relating to the industry, business, plans, strategy, acquisitions, including CRYOPDP and MVE Biological Solutions, financial results and condition financial of the Company. It is important to note that the actual results of the Company could differ materially from those of these 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, product market trends, cash flow variations of the Company, 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 limit, the Company’s annual report on Form 10-K for the three and twelve months ended December 31, 2020 and any subsequent SEC filings. 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 such 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 contained in this press release.

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SOURCE Cryoport, Inc.