Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On October 26, 2009, the audit committee of the Board of Directors of CryoPort, Inc. (the "Company"), upon the recommendation of management and after discussion with the Company's independent registered public accounting firm, KMJ Corbin and Company, concluded that the Company's interim consolidated financial statements contained in its Quarterly Report on Form 10-Q for the period ended June 30, 2009, previously filed with the Securities and Exchange Commission, will need to be restated and should no longer be relied upon, and directed management to file an amended Quarterly Report on Form 10-Q/A as soon as practicable containing restated interim consolidated financial statements for the period ended June 30, 2009.

The restatement relates to an error in the recording of a journal entry during the quarter ended June 30, 2009, to reflect principal conversions of portions of the Company's outstanding convertible debentures that were originally issued in October 2007. The net effect of the restatement will be an approximate $713,000 increase in the Company's previously reported interest expense for the quarter ended June 30, 2009 and a corresponding decrease to the debt discount for such convertible debentures.

The Company will be filing the aforementioned amended Quarterly Report on Form 10-Q/A for the quarter ended June 30, 2009, on Monday, November 2, 2009, which amended Quarterly Report contains more detailed financial information regarding the effects of the restatement and management's revised evaluations of the Company's disclosure controls and procedures.

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