IRVINE, Calif., June 19, 2019 /PRNewswire/ -- Cryoport, Inc.
(Nasdaq: CYRX) (Nasdaq: CYRXW) ("Cryoport" or the "Company") today
announced the pricing of its underwritten public offering of an
aggregate of 3,750,000 newly issued shares of common stock at a
price of $17.00 per share. In
addition, the Company has granted the underwriters a 30-day option
to purchase up to an additional 562,500 shares of common stock. The
net proceeds to the Company from the offering of the shares are
expected to be approximately $59.8
million after deducting underwriting discounts and
commissions and estimated offering expenses, and assuming no
exercise of the underwriters' option to purchase additional shares.
Subject to customary conditions, the offering is expected to close
on June 24, 2019.
The Company expects to use the net proceeds from the offering of
the shares for working capital, inventory development, global
infrastructure buildout and facilities expansion, sales and
marketing and, potentially, acquisitions with strategic impact.
Jefferies and SVB Leerink are acting as joint book-running
managers for the offering. Needham & Company, Janney Montgomery Scott, B. Riley FBR, and Roth
Capital Partners are acting as co-managers for the offering.
The public offering was made pursuant to a registration
statement on Form S-3 that was previously filed with and declared
effective by the Securities and Exchange Commission (the "SEC"). A
final prospectus supplement and accompanying base prospectus
relating to and describing the final terms of the offering will be
available on the SEC's website located at http://www.sec.gov or may
be obtained from Jefferies, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by telephone at
877-821-7388 or by email at Prospectus_Department@Jefferies.com; or
SVB Leerink, Attention: Syndicate Department, One Federal Street,
37th Floor, Boston, MA 02110, or
by telephone at 800-808-7525, ext. 6132 or by email at
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Cryoport, Inc.
Cryoport is a global provider of temperature-controlled
logistics solutions for temperature-sensitive life sciences
commodities, serving the biopharmaceutical market with logistics
solutions for biologic materials, such as regenerative medicine,
including immunotherapies, stem cells and CAR T-cells. Cryoport's
solutions are used by points-of-care, CRO's, central laboratories,
pharmaceutical companies, manufacturers, university researchers et
al; as well as the reproductive medicine market, primarily in IVF
and surrogacy; and the animal health market, primarily in the areas
of vaccines and reproduction.
Statements in this press release which are not purely
historical, including statements regarding the Company's
intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future, such as: the
Company's expectations regarding the completion of the public
offering and the anticipated use of net proceeds from the offering,
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. It is important to note
that the Company's actual results could differ materially from
those in any such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, risks and uncertainties associated with the effect of
changing economic conditions, trends in the products markets,
variations in the Company's cash flow, market acceptance risks, and
technical development risks. The Company's business could be
affected by a number of other factors, including the risk factors
discussed in the preliminary prospectus supplement relating to the
offering and the documents incorporated by reference therein, which
include the Company's Annual Report on Form 10-K for the year ended
December 31, 2018 filed with the SEC.
The Company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. The
Company disclaims any obligation, and does not undertake to update
or revise any forward-looking statements in this press
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SOURCE Cryoport, Inc.