Cryoport’s milestone agreement to support the first potentially commercialized CAR-T cell therapy is expected to drive significant revenue growth
IRVINE, CA - Cryoport (NASDAQ: CYRX, CYRXW) (“Cryoport” or the “Company”), today announced that Novartis has signed an agreement contracting Cryoport over an initial three-year term for cryogenic logistics support of CTL019/CD19 CAR-T cell therapy.
Cryoport’s cryogenic logistics solutions are designed to meet Novartis’ expanding cryogenic logistics requirements, including the use of its Cryoport Express® shippers, SmartPak IITM Condition Monitoring System, CryoportalTM Logistics Management Platform, which includes chain-of-condition and chain-of-custody monitoring and, 24/7/365 logistics support.
On March 29th, 2017 Novartis announced that the FDA had accepted their first Biologics License Application for CTL019 and that it was also granted priority review by the FDA. Today, Novartis selected Cryoport for its clinical and commercial logistics support.
Jerrell Shelton, CEO of Cryoport, stated, “We are proud that Novartis has chosen Cryoport to support the clinical studies and the commercialization of its CLT019. This is a milestone for Cryoport. Our Novartis agreement is a good example of how our clinical trial agreements with biopharma clients can drive substantial revenue growth for Cryoport as therapies move through the stages of clinical trials to commercialization. Currently, we are supporting over 140 clinical trials in the regenerative medicine space with 17 of these biopharma clients in Phase III. We enjoy meeting Novartis’s exacting requirements and are delighted to have this commercial agreement in place.”