Cryoport and Fedex Complete Commercial Agreement for Frozen Shipping Services
19 June 2009
CryoPort Systems, Inc. (OTCBB:CYRX) and FedEx Express, a subsidiary of FedEx Corp. (NYSE:FDX), today announced the companies have signed an agreement to provide an innovative and breakthrough frozen shipment solution for the life science industry.
The CryoPort Express Shipper allows for products to remain frozen at temperatures below -150°C for up to ten days, unlike dry ice shipping which often requires re-icing during transit. By using CryoPort Express, customers will also eliminate greenhouse gas emissions and landfill disposal issues associated with traditional dry ice methods.
Larry Stambaugh, chairman and CEO of CryoPort, stated: "We are pleased to have completed this agreement with FedEx that allows us to jointly provide our new frozen shipping solution for select customers. The strength of the FedEx global network combined with the breakthrough innovation of the validated CryoPort Express container combined with the customer-based web portal will offer a new high integrity, cost effective and easy frozen shipping solution for the life science industry."
Combining this technology with FedEx's industry leading information technology systems that monitor and track shipments will revolutionise the frozen shipping model. Today that model requires dry ice, shipping boxes, arranging for the transportation and packing of the boxes with dry ice and the samples.
Jerry Beyl, FedEx vice president of worldwide services, said: "This new frozen shipping solution significantly enhances our customers' product integrity versus the traditional dry ice and over pack solution. We are very pleased to add this innovative solution to the FedEx suite of life science industry offerings."
