Portnoys take over Cryo-Cell

OLDSMAR — Cryo-Cell International Inc.'s (symbol: CCEL) board of directors appointed David and Mark Portnoy as co-CEOs at the end of last month, and terminated former CEO Mercedes Walton, an SEC filing shows.

The Portnoys also received stock options with the company. Each may buy a total of 100,000 shares of Cryo-Cell stock at $2.90, the company's Aug. 31 closing price. A third of those options (33,333 shares) may be purchased immediately; another third will vest on Aug. 31, 2012; and the remainder will vest on the same date in 2013.

David Portnoy is the president of Focus Financial Corp., an investment banking and venture capital firm founded in 1988. From 1995 to 1997, Mark Portnoy was the chief trader of fixed income securities for Strome Susskind Investments.

Cryo-Cell International is a blood bank management firm based in Oldsmar.