We want to set the record straight about lies regarding a meltdown at Cryo-Cell. The genesis for the lies was a 2003 St. Petersburg Times article that contained false accusations made by a disgruntled former employee at Cryo-Cell who had been dismissed by the company. Cryo-Cell was invited to comment for the article but was unable to do so because of ongoing litigation with the individual who served as a source. With that behind us, we are pleased to be able clear the air now.
The article mentioned problems involving the original Cryo-Cell freezers, which have since been replaced as new technology became available. We pride ourselves on offering our clients the very best of everything, including our use of the Gold Standard of processing systems. In 1999, prior to the former employee joining Cryo-Cell, a shut off valve in a prototype freezer unit failed. No client specimens were in the unit, contrary to what the former employee told the reporter. The freezer unit was in development so mechanical issues could be worked out. There was no meltdown. No client specimens were involved.
In 2001, there was a liquid nitrogen leak in one of the original freezers that was managed quickly and according to established protocol. The article contained several factual errors about this. The facts are that no client vials were shattered; the freezer temperature never rose above a safe level and no laboratory employee passed out from a leak. There was no meltdown. No specimens were compromised so there was no reason to contact clients.
Cryo-Cell uses a state-of-the-art freezer system and continually monitors operations to ensure that the temperature remains below -150° C at all times. Multiple redundant safety systems ensure that. Our standards have never been breached. Cryo-Cell proudly exceeds specifications set by the many regulatory agencies and professional organizations that provide close oversight of our operations. As a publicly traded company, we are subject to additional financial oversight by the SEC that is rare in the cord blood banking industry.
Unlike some competitors, Cryo-Cell has a stellar record. We have maintained our licenses and accreditations without interruption. We offer private tours and regularly scheduled open houses so clients and prospective clients can view our operations which are overseen by highly experienced team.