Cryoport Reports Fire Damage at MVE's New Prague Facility
January 31, 2022 at 05:35 pm EST
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Cryoport, Inc. reports that on January 25, 2022, a fire occurred at the MVE Biological Solutions manufacturing facility located in New Prague, Minnesota. The New Prague facility manufactures aluminum dewars and is one of MVE Biological Solutions' three global manufacturing facilities. There were no injuries reported and damage was limited to a portion of the facility.
As a consequence of the fire damage, the New Prague manufacturing operations will be curtailed on an interim basis until the necessary repairs are completed. The completion date for the repairs has not yet been determined, but the process is underway, to limit delivery delays of aluminum dewars manufactured in the New Prague facility to customers. While Cryoport anticipates that the reduced operations at the New Prague facility will adversely affect Cryoport's financial results for the first, and possibly second quarter of 2022, Cryoport does expect that a significant share of the loss resulting from the fire damage will be covered by its property and business interruption insurances.
Cryoport, Inc. is engaged in supply chain solutions for cell and gene therapies. The Companyâs supply chain solutions enable manufacturers, contract manufacturers (CDMOâs), contract research organizations (CROâs), developers, and researchers to carry out their business with certainty. The Company provides a broad array of supply chain solutions for the life sciences industry. Through its platform of critical products and solutions, including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, the Company is enabling the future of medicine worldwide, through its systems, compliant procedures, and approach to supply chain management. Its products and services include Cryoport Express Shippers, Cryoport ELITE Shipper Systems, Cryoport Consulting Services, Cryoport Bioservices, CRYOGENE, CRYOPDP Temperature-controlled Logistics, Cryoport Cryoshuttle, IntegriCell Services, Tec4Med, and others.