CryoPort revises terms of 8% convertible debentures under forbearance agreement

By Devika Patel

Knoxville, Tenn., Feb. 25 - CryoPort, Inc. has negotiated a forbearance agreement with the holders of 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 Wednesday with the Securities and Exchange Commission.

The debentures are held by Enable Growth Partners LP, Enable Opportunity Partners LP, Pierce Diversified Strategy Master Fund LLC, Ena and BridgePointe Master Find Ltd.

In exchange for this agreement, the company will issue 200,000 restricted common shares to Bridgepoint and 200,000 shares collectively to the other investors.

It also adjusted the conversion price of the debentures to $0.51.

Additional operating covenants were attached to the securities, and these will remain in effect until June 30 or until the company raises $2.5 million, whichever comes first.

In addition, all of the investors' warrants will now have a strike price of $0.60 and their expiration dates have been extended to Jan. 1, 2014.

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

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