US-based CryoPort has closed the second round of its previously announced private placement with various institutional and accredited investors. The company obtained agreements to purchase approximately 0.832 million shares of common stock, and warrants to purchase approximately 0.832 million shares of its common stock at an exercise price of $0.77 per share, pursuant to a securities purchase agreement.

This round is in addition to the initial placement of approximately 4.7 million shares of common stock, and warrants to purchase approximately 4.7 million shares of its common stock at an exercise price of $0.77 announced on 20 August 2010.

In the two rounds, CryoPort received net cash proceeds of approximately $3.6m. Cryoport also issued warrants to purchase approximately 0.77 million shares of common stock to placement agents and warrants to purchase approximately 0.44 million shares of common stock to prior investors that also participated in the company’s public offering in February 2010.

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

Maxim Group and Emergent Financial Group, served as the Company’s placement agents for the transaction.

CryoPort has developed a proprietary, technology-driven packaging and transport and packaging system focused on providing a solution for the frozen shipping market in the growing global life science industry.