Cryocath Completes Largest Canadian Bio Tech IPO

On October 31, 2000, CryoCath Technologies Inc. (CryoCath), the world leader in catheter cryotherapy systems, closed its initial public offering of 5,000,000 common shares at a price of C$8 per share, for a total offering of $40 million, making it the largest Canadian biotech IPO in Canadian history. CryoCrath has granted the underwriters an option to purchase up to an additional 750,000 common shares to cover over-allotments. If the over-allotment option is exercised in full, total gross proceeds of the offering will be C$46 million.

CryoCath is a medical device company that has established a position of world leadership in developing and commercializing proprietary catheter cryotherapy products, principally for the treatment of cardiovascular disease. Cryotherapy, the use of freezing temperatures to treat diseased tissue, is currently employed by physicians for a number of disesases ranging from heart disease and cancer to gynecological and ophthalmological disorders.

Davies Ward Phillips & Vineberg LLP in Montreal (previously Goodman Phillips & Vineberg LLP) represents CryoCath with a team comprised of Richard Cherney, Neil Kravitz and Marie-Christine Lemerise. Neil Wiener of Heenan Blaikie in Montreal acts for the underwriters.