SOURCE: CryoPort Inc.

June 10, 2008 09:25 ET

CryoPort Inc. Receives Follow-On Investment From BridgePointe Master Fund

Company Receives $1,062,500 in Additional Funds

LAKE FOREST, CA--(Marketwire - June 10, 2008) - CryoPort Inc. (OTCBB: CYRX), a leading developer of shipping and storage technologies, today announced that it has received net proceeds of $1.0625 million in financing in the form of a Secured Convertible Debenture. The terms of this convertible debenture are similar and more favorable to the Company than those obtained in the prior transaction with BridgePointe and will be more fully disclosed in the Company's Form 8-K that will be filed with the Securities and Exchange Commission. The investment was made by BridgePointe Master Fund Ltd. managed by Roswell Capital Partners. The sole placement agent was the Sepa Capital Group of National Securities Corporation.

Paul Gorski, Senior Investment Officer of Roswell Capital Partners, stated, "After speaking with two of CryoPort's potential CRO customers, we felt extremely comfortable in providing them with additional capital. The funds we are providing will allow the company to be better positioned for the rollout of their new product."

CryoPort CEO Peter Berry said, "We are extremely pleased to have BridgePointe provide us with an additional capital infusion. This second investment shows the confidence the investor has in our abilities to perform in the future and follow through on our business goals. While the Company had adequate capital on hand prior to this new investment, the new funds will strengthen our overall financial position and will allow us to accelerate our growth and better manage additional current and future programs. I, and the CryoPort Board, believe it is prudent financial management to try to stay ahead of the curve in our capital raising efforts, particularly in today's unsettled market."

About CryoPort, Inc.

CryoPort (www.cryoport.com) develops leading edge, proprietary, technology-driven shipping and storage products for use in the rapidly growing global biotechnology and biopharmaceutical cold shipping chain. The products developed by CryoPort are essential components of the infrastructure required for the testing, research and end user delivery of temperature-sensitive medicines and biomaterials in an increasingly complex logistical environment.

"SAFE HARBOR"

This press release contains forward-looking statements. The words "estimate," "possible" and "seeking" and similar expressions identify forward-looking statements, which speak only as to the date the statement was made. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted, or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.

Contact Information

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