Portnoy group wins Cryo-Cell

OLDSMAR — David Portnoy's efforts to wrest control of Cryo-Cell International last month from the incumbent management team were successful, a release from the company shows.

Portnoy, owner of 16% of Cryo-Cell's outstanding stock, was elected along with five others to the company's board of directors: Dr. Anthony Atala, Harold Berger, George Gaines, Mark Portnoy (brother) and Jonathan Wheeler.

Portnoy and former Cryo-Cell CEO Mercedes Walton had been involved in a public contest over the firm's future throughout August. Walton had been pointing to Cryo-Cell's expanded portfolio of products as a previous success, while Portnoy focused on the company's failure to grow revenues since 2007.

Cryo-Cell is a stem-cell blood bank management company with operations throughout the Americas. The firm has generated roughly $17 million in revenues in each of its last four fiscal years.