CryoCath Announces Exercise of Over-Allotment Option



    
    www.cryocath.com               Toronto Stock Exchange Symbol: CYT
    

    /THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT
    INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
    DISSEMINATION IN THE UNITED STATES./

    MONTREAL, June 5 /CNW/ - CryoCath Technologies Inc. (TSX: CYT), today
announced that the underwriters have exercised in part the over-allotment
option granted to them in connection with CryoCath's recent bought deal
offering of Common Shares. Pursuant to the exercise of the over-allotment
option, CryoCath will issue an aggregate of 138,100 Common Shares at the
offering price of $4.15 per Common Share, for additional total gross proceeds
to CryoCath of $573,115. The total gross proceeds to CryoCath from the bought
deal offering, including the gross proceeds from the exercise of the
over-allotment option, will be $17,961,615. The syndicate of underwriters for
the offering was led by GMP Securities L.P. and included Blackmont Capital
Inc. and Macquarie Capital Markets Canada Ltd. The closing of the
over-allotment offering is expected to occur on or about June 6, 2008.
    The net proceeds of the offering, including the net proceeds from the
over-allotment portion thereof, will be used (i) to fund additional research,
development and commercialization of our products, including the Company's
pivotal clinical trial aimed at obtaining U.S. approval for the Arctic Front
system to treat Atrial Fibrillation (AFib), (ii) to expand marketing efforts
in Europe and in the U.S., and (iii) for general corporate (including repaying
certain indebtedness) and working capital purposes.

    THE COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE
UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT
U.S. REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION
REQUIREMENTS.

    About CryoCath
    --------------
    CryoCath - www.cryocath.com - is a medical technology company that leads
the world in cryotherapy products to treat cardiac arrythmias. With a priority
focus on providing physicians with a complete solution of catheter products to
treat cardiac arrhythmias, CryoCath has multiple products approved in the
U.S., across Europe and several ROW countries. The Company is developing
additional products to expand its pipeline of products to treat cardiac
arrhythmias.

    This press release includes "forward-looking statements" that are subject
to risks and uncertainties, including with respect to the timing of regulatory
trials and their outcome. For information identifying legislative or
regulatory, economic, climatic, currency, technological, competitive and other
important factors that could cause actual results to differ materially from
those anticipated in the forward looking statements, see CryoCath's annual
report available at www.sedar.com under the heading Risks and Uncertainties in
the Management's Discussion and Analysis section.

    %SEDAR: 00015053EF




For further information:

For further information: visit our website at www.cryocath.com, or
contact: Michael Moore, Investor Relations, Phone: (416) 815-0700 ext. 241,
Fax: (416) 815-0080, E-mail: mmoore@equicomgroup.com

Organization Profile

CRYOCATH TECHNOLOGIES INC.

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