CryoPort, Inc. announced that it has received $0.59 million in funding.
January 23, 2013 at 11:00 pm EST
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CryoPort, Inc. (OTCBB:CYRX) announced a private placement of unsecured convertible promissory notes for gross proceeds of $588,000 on January 24, 2013. The note had principle amount of $$2,765,301. The notes were issued to certain accredited investors pursuant to Regulation D. The notes accrue interest at a rate of 15% per annum from date of issuance until January 31, 2013 and at a rate of 5% per annum from February 1, 2013 through the date of payment, in each case on a non-compounding basis. All principal and interest under the notes will be due on December 31, 2013. The company may not prepay the notes and payments shall be on a pari passu basis. The notes will be convertible into preferred shares at a price paid to the company on the issuance of such preferred stock at the option of the holders of the notes. Emergent Financial Group, Inc. served as placement agent to the company and received cash commission of $41,160 and a finance fee of an additional $11,760.
On January 24, 2013, CryoPort, Inc. closed the transaction.
Cryoport, Inc. is engaged in supply chain solutions for cell and gene therapies. The Companyâs supply chain solutions enable manufacturers, contract manufacturers (CDMOâs), contract research organizations (CROâs), developers, and researchers to carry out their business with certainty. The Company provides a broad array of supply chain solutions for the life sciences industry. Through its platform of critical products and solutions, including advanced temperature-controlled packaging, informatics, specialized bio-logistics services, bio-storage, bio-services, and cryogenic systems, the Company is enabling the future of medicine worldwide, through its systems, compliant procedures, and approach to supply chain management. Its products and services include Cryoport Express Shippers, Cryoport ELITE Shipper Systems, Cryoport Consulting Services, Cryoport Bioservices, CRYOGENE, CRYOPDP Temperature-controlled Logistics, Cryoport Cryoshuttle, IntegriCell Services, Tec4Med, and others.