Cryoport Acquires Full IP Rights to Cryoportal™
Cryoport, Inc. CYRX, (“Company”) announced the purchase of certain intellectual property and intellectual property rights to the Cryoportal™ operating platform from KLATU Networks, LLC (“Klatu”).
“We view the Cryoportal operating platform as the most powerful operating platform serving the cold chain for life sciences. It is a key differentiator for our cold chain solutions. Unlike many of our competitors’ systems, which are adapted logistics systems, the Cryoportal offers features and capabilities that are purpose-built to support the life sciences cold chain and its complexities,” stated Jerrell Shelton, CEO of Cryoport. “The advanced capabilities of the Cryoportal are important to many of our customer relationships, including our individual strategic agreements with FedEx, UPS and DHL. Owning this technology outright gives us greater control over our own business, and allows us to leverage our capabilities and expand our solutions into new areas of the life sciences cold chain markets.”
The Cryoportal, a central nervous system, supports our entire shipment and logistics process through a single interface, including initial order input, document preparation, customs documentation and clearance, integrator backbone, courier management, shipment tracking, intervention support, issue resolution, and delivery. In addition, the Cryoportal provides unique and incisive information dashboards and validation documentation for every shipment. It can record and retain a fully documented “chain-of-custody” and “chain-of-condition” for every shipment, helping ensure that quality, safety, and stability of shipped commodities are maintained throughout the process.
The purchase of this IP and related IP rights enables Cryoport to expand the use of the Cryoportal operating platform into new markets, including different temperature ranges and other modes of transport, as well as to facilitate licensing of the software for other uses.