LAKE FOREST, Calif.--(BUSINESS WIRE)--CryoPort, Inc. (OTCBB: CYRX) today announced that it closed the initial round of the private placement announced on August 10, 2010 with various institutional and accredited investors for an aggregate of approximately 4.5 million shares of common stock and warrants to purchase approximately 4.9 million shares of its common stock at an exercise price of $0.77 per share pursuant to Securities Purchase Agreements. The Company today received net proceeds of approximately $2.8 million with the balance of $0.2 million to be received next week. The Company is obligated to file a registration statement with the Securities and Exchange Commission registering the resale of these shares to be issued to the investors and the shares underlying the warrants within sixty (60) days following the close of the transaction.
