Cryo-Cell International, Inc. (The Nasdaq Stock Market
Symbol: CCEL) (the “Company”), the world’s first private
cord blood bank to separate and store stem cells in 1992, has
released its 2021 Annual Letter to Cryo-Cell Shareholders as shown
below.
February 22, 2022
Dear Fellow Cryo-Cell Shareholders,
Overview
I am very proud of the progress that Cryo-Cell
International, Inc. has made over the last several years, and I am
even more excited about the future prospects for the Company. We
believe we have more opportunities to pursue now than ever before.
We are thankful the foundation is in place to drive growth as
exhibited by the $7.9 million in cash flow from operations that
Cryo-Cell generated in fiscal year 2021. The transformation of
Cryo-Cell from a solid, cash generating cord blood bank to a fully
integrated, cellular therapy company expecting to treat patients at
its own clinic(s) is well underway.
Fiscal Year 2021 Results
Revenue for fiscal 2021 was $28.9 million
compared to $31.1 million for fiscal 2020. The Company reported net
income of $2.1 million in fiscal 2021 or $0.26 per basic common
share and $0.25 per diluted common share, compared to net income of
$3.6 million in fiscal 2020 or $0.48 per basic common share and
$0.45 per diluted common share. Revenue and net income in 2021 were
negatively impacted by the reduction in the U.S. birth rate due to
Covid-19, price pressure in the cord blood banking industry, and by
the expiration of the Company’s license agreement with the
Company’s affiliate in India, which previously had generated up to
$1 million in annual royalty income that flowed directly to the
Company’s pretax income line. The Company also incurred additional
expenses related to the Duke University (“Duke”) license agreement,
including approximately $164,000 in patent expenses. Revenues
associated with the Duke license agreement are expected to begin in
fiscal Q4 2022.
Fiscal Year 2022 Outlook
Cord blood banking prices are anticipated to
stabilize or may even trend upwards in 2022. The number of new cord
blood and cord tissue enrollments in fiscal 2022 are expected to be
relatively flat as compared to 2021. We are projecting to open the
Cryo-Cell Institute for Cellular Therapies and begin infusing
patients with autologous cord blood units during the fourth quarter
of 2022. Planning is well underway to modify our newly acquired
clinic space into an infusion center capable of treating up to 10
patients per day. Assuming FDA approval, these will be patients
that suffer from neurological conditions such as cerebral palsy and
autism spectrum disorder.
Utilizing proprietary expertise and
manufacturing protocols from Duke, Cryo-Cell has developed its own
mesenchymal stromal cell (MSC) manufacturing operation in its
laboratory in Tampa, Florida. MSCs have immunomodulatory properties
that can potentially be used to treat neurological conditions and
other maladies.
In addition, Cryo-Cell has entered into a
non-binding letter of intent to purchase a 56,000 square foot
facility in Durham, NC. There can be no assurances Cryo-Cell will
be able to acquire this facility. If acquired, it is expected this
facility could serve three primary functions: 1.) to house
Cryo-Cell’s cryogenic freezers and to provide cold storage services
to third party pharmaceutical companies, academic centers,
biorepositories, etc. 2.) to produce cellular therapy products for
Phase 3 clinical trials and commercialization, subject to FDA
approval, and 3.) to accommodate the long-term needs of the
Cryo-Cell Institute for Cellular Therapies.
Closing Remarks
Finally, I would be remiss to not mention that I
believe Cryo-Cell may be the most undervalued stock trading on
NASDAQ. Reflecting this, Cryo-Cell has repurchased 85,129 shares at
an average cost of $11.36 per share since October, 2021. We
anticipate considering the repurchase of additional shares in the
future, although there can be no assurances in this regard. All
shareholders are encouraged to visit Cryo-Cell Investor Relations
Website.
As you can see, Cryo-Cell has a solid core
business and many projects, both operational and financial,
underway. We look forward to updating you on our progress in the
future.
Thank you for your support!
Sincerely,
David Portnoy Chairman of the Board and Co-CEO
Cryo-Cell International, Inc.
About Cryo-Cell International,
Inc.
Founded in 1989, Cryo-Cell International, Inc.
is the world’s first private cord blood bank. More than 500,000
parents from 87 countries have entrusted Cryo-Cell International
with their baby’s cord blood and cord tissue stem cells. In
addition to its private bank, Cryo-Cell International has a public
banking program in partnership with Duke University. Cryo-Cell’s
public bank has provided cord blood for more than 600
transplantations and operates cord blood donation sites across the
U.S in prominent hospitals such as Cedars–Sinai Hospital in Los
Angeles and Baptist Hospital in Miami. Cryo-Cell’s facility is FDA
registered, cGMP-/cGTP-compliant and licensed in all states
requiring licensure. Besides being AABB accredited as a cord blood
facility, Cryo-Cell was also the first U.S. (for private use only)
cord blood bank to receive FACT accreditation for adhering to the
most stringent cord blood quality standards set by any
internationally recognized, independent accrediting organization.
Cryo-Cell owns the exclusive rights to PrepaCyte-CB, the
industry’s most advanced cord blood processing technology.
Cryo-Cell’s mission has been to provide clients
with state-of-the-art cord blood and cord tissue cryopreservation
services, raise awareness of the opportunity for expectant parents
to bank or donate their baby’s cord blood and support the
advancement of regenerative medicine. In February 2021, Cryo-Cell
entered into a license agreement with Duke University that the
Company believes, has allowed the Company to begin it
transformation into an autonomous, vertically integrated
cellular therapy company.
Forward-Looking Statements
This press release and certain information
provided periodically in writing or orally by the Company’s
officers or its agents may contain statements which constitute
forward-looking statements. Terms “believe”, “intends”, “projects”,
“anticipates”, “expects”, and similar expressions as used are
intended to reflect “forward-looking statements” of the Company.
The information contained herein is subject to various risks,
uncertainties and other factors that could cause actual results to
differ materially from the results anticipated in such
forward-looking statements or paragraphs, many of which are outside
the control of the Company. These uncertainties and other factors
include the impact of the COVID-19 pandemic on our sales,
operations and supply chain, the success of the Company’s global
expansion initiatives and product diversification, the Company’s
actual future ownership stake in future therapies emerging from its
collaborative research partnerships, the success related to its IP
portfolio, the Company’s future competitive position in stem cell
innovation, future success of its core business and the competitive
impact of public cord blood banking on the Company’s business, the
success of the Company’s initiative to expand its core business
units to include biopharmaceutical manufacturing and operating
clinics, the uncertainty of profitability from its
biopharmaceutical manufacturing and operating clinics, the
Company’s ability to minimize future costs to the Company related
to R&D initiatives and collaborations and the success of such
initiatives and collaborations, the success and enforceability of
the Company’s umbilical cord blood and cord tissue license
agreements, together with the associated intellectual property and
their ability to provide the Company with royalty fees, and those
risks and uncertainties described in documents the Company files
from time to time with the Securities and Exchange Commission,
including the most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and any Current Reports on Form 8-K filed by
the Company. The Company disclaims any obligations to subsequently
revise any forward-looking statements to reflect events or
circumstances after the date of such statements.
Contact:
Irene Smith 813-749-2102 Ismith@cryo-cell.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/dc7fb53a-77dd-4e5b-937d-51be070a4ba7
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