WESTPORT, CT--(Marketwired - Jun 30, 2016) - Source Capital Group announced that it has closed a fully syndicated rights offering for Cryoport, Inc. (the "Company") with gross proceeds of $1,304,748 in subscriptions for 841,773 shares of common stock, which expired on June 20, 2016.
"Cryoport's management team has delivered strong growth with a clear go-forward strategy," stated Richard Kreger, Senior Managing Director of Investment Banking at Source Capital Group. "With over 125 shareholders electing to participate, this deal provides Cryoport with the capital base to continue to expand the business."
The capital raised will be used to invest in growth initiatives for the Company's innovative temperature controlled logistics solutions used to support ground breaking advancements in biopharma, especially in cancer immunotherapies and regenerative medicines, as well as reproductive medicine and animal health.
Source Capital Group, Inc. acted as exclusive dealer-manager to the Company.
About Source Capital Group, Inc. The Investment Banking Group at Source Capital offers a wealth of Wall Street experience to the underserved small cap company sector through its seasoned professionals. They have successfully funded both public and private companies with an emphasis on Structured Credit and unique equity capital markets transactions, creating tailor-made solutions to enhance their clients' balance sheets. Source Capital Group began as an independent firm specializing in small to medium-sized investment banking transactions. Since 1992, it has grown into a full-service financial institution, while adhering to the highest standards of quality and integrity.