The Restoration of CryoSave
CSG-BIO has taken over the brand identity of the former Cryo-Save, now known simply as “CryoSave”. Myrisoph Capital, the majority shareholder of CryoSave Arabia, has entered into a strategic agreement to take over the brand of Cryo-Save that was announced in August 2019. CryoSave Arabia has always been separate from Cryo-Save AG, operating an independent and accredited laboratory in Dubai. In order to operate in Europe, Myrisoph has set up a subsidiary in Switzerland named CSG-BIO SA.
Sarah Al-Hajali, MSc MBA, is both the group CEO of CSG-BIO and a partner of Myrisoph Capital. In a letter to Cryo-Save clients, she said “We strongly empathize with the families’ frustration; I personally have three children samples stored with Cryo-Save AG. The issues currently faced by Cryo-Save AG are therefore very personal to me, and these were the main triggers to our decision to move forward as explained above.”
As part of their licensing agreement, CSG-BIO has taken over the following assets of Cryo-Save:
- The CryoSave websites, www.cryosave.com
- Social network pages of CryoSave: Facebook, Instagram, Linkedin.
- Trademarks of CryoSave and all the derivatives and connected trademarks like Salveo.
- The CryoSave Database, called CryoDB, which is used to manage client laboratory results and medical history.
- The contact list of client email addresses and phone numbers.
Looking to the future, Myrisoph and CSG-BIO plan to apply their 14 years of experience in successful cord blood bank management to restore CryoSave to a leadership role in Europe. Hassan Alhassani, the President of Myrisoph Capital, proclaimed “We have the financial resources to invest substantially in the growth of the business for the benefit of all our current and future clients. We will conduct laboratory and storage operations in Switzerland under the highest Swiss and global standards.”
UPDATE: In Feb. 2020, CSG-BIO signed an agreement with Cord Savings, a privately held cord blood bank in Switzerland, which will enable CSG-BIO to use the laboratory of Cord Savings for the storage of their cord blood inventory.