CryoLife, Inc., a human tissue processing and bio-surgical device company, announced that it has sold 3,444,000 shares of common stock at $6.25 per share in a private placement. The net proceeds, estimated to be approximately $20 million after fees and expenses, will be used for general corporate purposes.

Piper Jaffray & Co. served as the exclusive placement agent for the equity financing.

The sale of the shares was not registered under the Securities Act of 1933. Accordingly, those shares may not be offered or sold in the United States, except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act of 1933.