CryoPort updates shareholders on development of disposable cryogenic shipper

BREA, CA — (MARKET WIRE) — 05/11/2005 — CryoPort, Inc. announced new information regarding the development of its one-way, one time use, disposable cryogenic shipper. Initially, this revolutionary new shipper was not expected to be ready for client use until the spring of 2006, with clinical trials commencing during the summer of 2006. However, due to an accelerated R&D schedule as the result of additional funding, the development stage of the “phase one” shipper is now complete. Prototype models of the new disposable cryogenic shipper are scheduled to be made available to select clients as early as July 2005.

CryoPort is currently working with a number of biotech and pharmaceutical companies who have a high level of interest in the disposable cryogenic shipper for use in drug delivery. Several of these companies are already using CryoPort’s reusable cryogenic shipper which is currently being used to successfully ship product in ongoing clinical trials.

Cell Genesys, recently purchased 100 of CryoPort’s reusable lightweight shippers with a projected need over the coming months for several hundred more. This initial order is intended to serve as a “Proof of Concept” for the technology that will be incorporated into the soon to be released disposable shipper.

The use of a cryogenic shipping protocol, rather than a dry ice protocol, helped Cell Genesys avoid significant logistical problems that they would have faced had they been forced to use traditional dry ice shipping methods. Dry ice shippers can maintain temperatures of negative seventy-eight degrees Celsius for a maximum of 48 hours before the shipment must be handled and repackaged. If not repackaged on fresh dry ice within a small time frame, the frozen material risks thawing and becoming unusable. CryoPort’s cryogenic shippers maintain negative one hundred and ninety six degrees Celsius and can maintain this same level of temperature for up to a period of 2 weeks, depending on the application. Additionally, dry ice emits gas vapors, which result in its classification as a hazardous material. CryoPort’s shippers, including the new one-way shipper, are non-hazardous and can even be shipped using traditional postal services.

Once the new disposable shipper completes its initial testing phase with select clients during the summer of 2005, large scale manufacturing is expected to commence in early 2006 in an effort to meet the anticipated demand from biotech and pharmaceutical companies worldwide.


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