During the summer 2018, Esperite, sole shareholder of CryoSave, took the decision to sell its stem cell activity. A process has been put in place and some potential buyers were contacted.
The main goal is to safeguard the integrity of ALL the samples processed and stored by CryoSave of the 18 years of activity.
CryoSave has put in place several measures in order to maintain the continuity of the activity, guarantee the storage of the samples until at least their initial contractual period of time.
Despite several critics, CryoSave has communicated in real time and as soon as it was necessary, on the progress of this operation.
Since February, several press releases were issued in English and in other 12 languages. CryoSave has indicated on due time the different steps.
In addition, more than 500’000 emails were sent in order to increase the communication performance. (emails and press releases are attached and downloadable)
CryoSave has created and operated for more than 18 years one of the largest Cord Blood Stem Cell in Europe. Despite constant efforts and investments, two major parameters were to be taken in consideration.
2011, 7th November: the Belgian government voted a new regulation which practically forbid the private storage of cord blood samples.
2012, 1st December: the Cord Blood Samples, under the principle of solidarity should be available to everyone.
The company has fought against this decision and maintained the operation. This decision was not in agreement with the local authorities and subject to legal actions.
The FAGG, Federal Agency for public health, warned several times CryoSave and asked for a complete stop of the processing in Belgium. This happened in March 2015. The processing was transferred to Switzerland with all the related costs and increase of charges.
The FAGG, also asked for the termination of storage in Belgium which became illegal.
The CEO of the company negotiated and obtained a grace period until the end of 2018 and finally March 2019.
All the samples must go and were at risk of destruction by the Belgium Authorities.
Frederic Amar, CEO Quote :
“Rapidly after my first days in the place, I discovered several reasons for emergency actions. This situation was totally unknown by me and most of CryoSave stakeholder. The previous management has voluntarily kept it silent.
The urgent needed to relocate the processing laboratory to Switzerland. This had a massive impact on our organization. Huge investments were needed in addition to the cost for closing down a laboratory in Belgium.
The question of the samples was also critical. Negotiating with the FAGG was challenging as nothing could reasonably have help CryoSave.
We had 42 tanks in Belgium which needed to be transported in another country where the regulation is stable and officially confirmed. None of the major countries in Europe as France, Italy, Germany, Spain were willing to accept the samples. Switzerland was an option but very costly and not entirely compatible with the European regulation. We also had the information that Switzerland will maybe not accept the renew the medical treaties with the European Union.
The transaction with PBKM came as the perfect solution to save guard all our samples.
Poland is a reputable European country and PBKM has an excellent track record.”
CryoSave has faced significant losses of revenue mainly due to the complex structure of its organization which was built on acquisition of a network which was not correctly integrated.
Losses were generated by a heavy organization with unjustified overhead and complex organization chart.
Frederic Amar, CEO Quote:
“I joined the company in 2014 and invested an important amount into it based on publicly available and audited financial information. Nevertheless, the drop of revenue was already in motion and costly to reverse. In addition, most of the assets were overestimated and needed to be impaired.
From the beginning I have been focus on trying to restructure the company with the help of a limited numbers of efficient colleagues. I understand why the 2 founders who sold me their shares were so eager to get rid of their creation.
I also discovered that the Belgian operation was supposed to stop immediately.
The Belgian Government has officially requested the stop of any operation in Belgium and the transfer of the samples out of Belgium.
I invested and lost in CryoSave more than 7 million euros. Without my contribution, I believe that most of the samples located in Belgium would have been destroyed”
After several weeks of negotiations, PBKM and Esperite agreed on a transaction which included the following actions.
PBKM is now in charge of the storage for all the CryoSave samples.
As agreed in the different documentation, PBKM and CryoSave have worked on a efficient calendar of operation.
PBKM mission was to perform the transportation from the CryoSave facilities.
The tanks were transported under the supervision, control and responsibility of PBKM who organized the entire process.
A report has been established by PBKM. It records all the different phases and includes a complete and permanent monitoring of all the parameters including liquid nitrogen levels, temperature control and recording, traceability of the samples.
Pictures and integral movie have been taken all along the process.
We can without doubt consider that the transportation was conducted safely and didn’t affect the integrity of the samples. They were maintained in their original conditions without physical modification or environmental constraint.
*11th March 2019 : 11 tanks shipped from Switzerland to Poland
*18th March 2019 : 15 tanks shipped from Belgium to Poland
*1st April 2019 : 27 tanks shipped from Belgium to Poland
*21st May 2019 : 2 tanks shipped from Germany to Poland
*24th June 2019 : 4 tanks shipped from Switzerland to Poland
A total of 59 tanks have been shipped from the CryoSave locations to PBKM in Warsaw – Poland
In order to comply with the regulation, samples were shipped with all the related documentation. PBKM is also the custodian of all the files of all CryoSave customers. It represents several palettes of archive boxes.
A 60th tank remains stored at Linde Gas facility in the Netherland as it has always been. Myrisoph is in charge of this tank.
A press release was issued in 12 different languages to inform all our clients.
In addition, we sent more than 350’000 direct emails to the contact we had in our database.
Practical information: The samples processed before March 2015 were stored in Belgium and are contained in the 42 Belgium tanks.
Frequently Asked Questions regarding transfers of samples from CryoSave to FamiCord Laboratory
All samples have a perfectly identified location reported in the CryoSave DataBase (CryoDB).
All the tanks are clearly identified and their location perfectly known.
Some clients have requested a confirmation for the storage of their samples.
Myrisoph and PBKM will be soon able to confirm formally the identification and location for ALL samples without exception.
The lack of immediate answer and only transitory and will be solved very soon.
There is no reason to worry as the processing and storage performed by CryoSave has always been performed according to the best possible standards.
Every sample is in it own canister, has a specific place in a rack, the rack, correctly referenced and placed in its tank. Every location and reference has been entered in CryoDB.
Once the transaction with the polish partner fell short and was cancelled twice, CryoSave had the need to secure the continuity of business and maintain the clients support in a proper way.
CryoSave and Myrisoph, who is linked to CryoSave Dubaï, came to an agreement on 20th August 2019.
Myrisoph and its subsidiary in Switzerland, CSG-Bio SA, are now in charge of the continuity of the commercial activity as well as performing the technical support for the existing customers.
The following items have been transferred from CryoSave to Myrisoph and CSG-Bio SA :
Myrisoph has agreed to replace CryoSave in its obligation to pay the annual fees of the PBKM Storage Agreement.
Since 20th August 2019, CryoSave communication, activity and sales are exclusively controlled by Myrisoph and CSG-Bio SA.
The former CryoSave team does not have the right to operate any activity any more.
Nevertheless we took the initiative to publish this communication in order to clarify the situation
12, rue de Hesse
PO Box 5322
1211 Geneva 11
Certificate of registry : CSG-Bio – Registre du Commerce du Canton de Genève
Myrisoph Capital Inc
2140 S.Dupont Highway, Camden
DE 19934, County of Kent
Frederic Amar, CEO Quote :
“We have all the reasons to believe that with Myrisoph agreement, in complement with the PBKM agreement, CryoSave has acted and worked for the best interests of CryoSave clients and for the protection of their samples.”
Myrisoph and its branch in Switzerland have access to the entire information with the CryoSave Database.
The usual email addresses are functioning and the new licensees must be able to communicate all relevant information.
The former CryoSave team has maintain constant their effort to guarantee the integrity of the Data.
You must be able to receive an answer sending your messages now to :
In case of lack of proper reaction, the former CryoSave team could organize a support team.
PBKM is the custodian of the entire samples inventory in Poland.
It includes all the physical documentation.
PBKM is entitled to communicate information to the clients who would formulate a request.
PBKM has also obligation per contract to support the CryoSave clients and communicate all information in its role of processor of the client personal data.
Cryosave has choosen with PBKM the best option for a long term quality storage of the samples. PBKM as Processor of the clients information is able to physically access all the samples in its custody and to deliver the relevant information contained in the accessible database and the physical files.
It could require some limited time before the service runs optimately due to the large quantity of information to process.
Myrisoph and its branch in Switzerland are now the legitimate licensees of the CryoSave brands and have under their control, databases, websites, emails, phone number and social medias. It is a matter of few days before they should be able to re-activate a proper communication.
In addition Myrisoph committed to guarantee financially the cost of all CryoSave samples.
To be continued.