CryoPort amends its discount 8% senior secured convertible debentures

By Marisa Wong

Milwaukee, Feb. 3 - CryoPort, Inc. has amended its original issue discount 8% senior secured convertible debentures that were sold in September 2007 and May 2008 private placements, according to an 8-K filed with the Securities and Exchange Commission.

The holders of the debentures are Enable Growth Partners LP, Enable Opportunity Partners LP, Pierce Diversified Strategy Master Fund LLC, Ena and BridgePointe Master Fund Ltd.

The Enable entities and BridgePointe will each convert $1.36 million of their outstanding debentures into a certain number of shares of CryoPort common stock. The number of shares is determined by dividing the principal amount of the debenture by the share price as defined in a January amendment. This share price will be fifteen-sixteenths of the unit offering price in a public offering to be held by the company by March 1, capped at $1.00 per share.

The conversion price will be adjusted as a result of a reverse stock split previously approved by the debenture holders. CryoPort will issue to each of BridgePointe and Enable an offering make-up warrant to purchase a number of common shares equal to the difference between the number of shares determined by dividing the conversion amount by $0.45 per share and the number of conversion shares.

The exercise price of the offering make-up warrant is equal to the common stock offering price, subject to a cap of $1.00 per share. The make-up warrants are exercisable for five years.

Based in Lake Forest, Calif., CryoPort provides packaging for temperature-sensitive biological materials.

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