CryoPort Closes Second Round of Private Placement with Purchase Agreements for Additional $550,000

Gross Proceeds of $3.8 Million Raised in Two Rounds

LAKE FOREST, Calif.--(BUSINESS WIRE)-- CryoPort, Inc. (OTCBB: CYRX) today announced it has closed the second round of its previously announced private placement with various institutional and accredited investors. The Company obtained agreements to purchase approximately 832,000 shares of common stock, and warrants to purchase approximately 832,000 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 August 20, 2010. In the two rounds CryoPort received net cash proceeds of approximately $3.6 million. Cryoport also issued warrants to purchase approximately 775,000 shares of common stock to placement agents and warrants to purchase approximately 448,000 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 LLC and Emergent Financial Group, Inc. served as the Company's placement agents for the transaction.

This press release will not constitute an offer to sell or the solicitation of an offer to buy nor will 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 such state or jurisdiction.

A detailed description of the transaction is included in the Company's registration statement (Form S-1) which was filed with the Securities and Exchange Commission on October 19, 2010.

About CryoPort, Inc.

CryoPort (www.cryoport.com) has developed a leading edge, 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. 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.

Forward Looking Statements

The forward-looking statements contained herein are subject to certain risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date hereof. The company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date thereof.

    Source: CryoPort, Inc.

Released October 20, 2010