CryoLife (NYSE: CRY), a human tissue processing and bio-surgical device company, 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, according to Atlanta-based CryoLife.

Piper Jaffray & Co. served as the exclusive placement agent for the equity financing. The closing of the sale is expected on Jan. 27.