San Diego-based CryoPort Inc. said that FedEx Corp. has launched a frozen shipping product using CryoPorts technology. Financial terms of the business deal were not disclosed.
According to a Jan. 24 announcement, the new offering by FedEx will help in the shipment of temperature-sensitive health care products for customers in the life sciences and pharmaceutical industries.
"We are very pleased and proud to be working closely with FedEx to provide a superior technology for frozen shipping in the life science industry," said Larry Stambaugh, CryoPorts chairman and chief executive officer. "The launch of the FedEx frozen shipping solution represents an important milestone in the development of our business, and validates the strength of our dry shipper technology and service model."
Frozen shipping in the life sciences industry is estimated to be a $400 million market and growing rapidly as clinical studies, diagnostics and drug manufacturing are increasingly being performed on an international basis, said Stambaugh.
CryoPorts shipping containers use liquid nitrogen dry vapor technology that maintains a temperature of below minus 150 degrees Celsius, for as long as 10 days. Unlike dry ice, this technology is classified as nonhazardous, according to Stambaugh.