Cryoport Inc. closed a $25 million investment from healthcare-focused private equity firm Petrichor Healthcare Capital Management.
New York-based Petrichor bought $10 million in Cryoport common shares at $10 per share under the investment. The firm also funded a $15 million note, which can be converted into Cryoport common shares at $13.11 per share.
The note has a term of five years and bears cash interest at a rate of the 3-month London Inter-bank Offered Rate plus 6% per annum.
Cryoport CEO Jerrell Shelton said the financing provides the company with capital to expand in the cell therapy markets and pursue strategic acquisitions.
Irvine, Calif.-based Cryoport provides cryogenic logistics solutions to U.S. life science companies.