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In addition to our key market sectors, the expanded sales team will provide direct support to our global integrator partners, who uniquely employ Cryoport's 'powered by Cryoport(TM)' solutions into their respective strategies for the life sciences cold chain.
Cryoport is establishing a new Business Development role to support the rapid development and integration of large-scale corporate clients. In addition to securing new business sectors and major accounts for Cryoport, this new role will also be responsible for the management of many key partnership relationships for the Company.
This sales force expansion initiative is being implemented to capitalize on the growth in market demand and to target additional major life sciences companies that would benefit from Cryoport's leading solutions. The sales team's extensive knowledge in the cold chain logistics market combined with their wide network of key relationships in the life science arena will further advance the Company's growth and broaden its existing customer base.
Commenting on these sales strategy initiatives, Jerrell Shelton, Chief Executive Officer of Cryoport, stated, "Interest and demand for cryogenic cold chain solutions in the life sciences is growing rapidly. Implementing this strategic sales strategy in key geographic markets will enable us to more effectively engage new customers and further cultivate existing relationships. We believe that establishing a greater sales presence is critical in order to build upon the momentum we are experiencing in our business, especially with companies involved with stem cells, cell therapies, personalized medicine, cell line manufacturing, vaccines, animal husbandry, biologics for research, diagnostic specimens, life-saving medicine, embryos, eggs, sperm, etc.
"We have added several cold chain experienced Sales Directors to our team in support of our efforts. Given their extensive backgrounds in cold chain logistics with integrators and specialty couriers, we are expecting near term results.
"This expansion is the first step within our global sales and marketing strategy that emphasizes specific tactical plans both on a regional and market sector basis. Analysis of the Company's rapidly expanding customer base demonstrates clear market drivers and a significant pool of "early-adopters" who are candidates for Cryoport solutions. As clients shift away from dry ice in new and emerging life sciences arenas, it is critical for Cryoport to be appropriately positioned and to aggressively take advantage of these rapidly developing trends. Our global partnerships position Cryoport as the leading and preferred cryogenic logistics solutions provider. The implementation of our strategy is timely and will build upon these strengths."
Shelton concluded, "Having completed multiple quarters of exceptional growth, we plan to develop parallel expansion programs to address specific market sectors, including IVF and animal husbandry. Also, as a global company, Cryoport will be expanding in markets such as Europe, Latin America, and Asia. Looking forward, we plan to continue to expand our marketing, business development and sales team as we bring additional solutions to market."
