CryoLife Says Will Receive ~$15.1M Related to Purchase of Medafor by CR Bard

CryoLife, Inc. CRY, a leading tissue processing and medical device Company focused on cardiac and vascular surgery, announced today that it expects to receive an initial payment of approximately $15.1 million for its 2,379,554 shares of Medafor common stock due to C.R. Bard, Inc.'s BCR acquisition of Medafor, Inc.  CryoLife could receive additional payments of up to $8.4 million upon the release of funds held in escrow and the satisfaction of certain contingent milestones.  CryoLife's carrying basis for the 2,379,554 shares of Medafor common stock was approximately $2.6 million.  Medafor develops and markets hemostatic technology and absorbable hemostats.