CryoPort announces closing of first round of private placement

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Feb 7 2011

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CryoPort, Inc. (OTCBB:CYRX) today announced it has closed the first round of a private placement with various accredited investors for $4.4 million. The Company obtained agreements to purchase 6,335,318 units at $0.70 per share; each unit consists of one share of common stock and a warrant to purchase one share of common stock at an exercise price of $0.77 per share, pursuant to a Securities Purchase Agreement. The offering is expected to remain open for approximately two weeks from the closing of the first round.

The Company intends to use the proceeds of the private placement for working capital purposes.

Emergent Financial Group, Inc. served as the Company's placement agent for the transaction.

SOURCE CryoPort, Inc.

Posted in: Business / Finance

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