LAKE FOREST, CA--(Marketwire - July 01, 2009) - 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™ 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."
To be added to the CryoPort Investor email list, please email
edward@carpedminc.com with CYRX in the subject line.
About CryoPort, Inc.
CryoPort (www.cryoport.com) 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.
"SAFE HARBOR"
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.
