CryoCath Closes Exercise of Over-Allotment Option



    /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/

    
    www.cryocath.com            Toronto Stock Exchange Symbol: CYT
    

    MONTREAL, June 6 /CNW/ - CryoCath Technologies Inc. (TSX: CYT), today
announced that it has closed the previously announced partial exercise by the
underwriters of 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 has issued 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, is $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 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 arrhythmias. 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, 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

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CRYOCATH TECHNOLOGIES INC.

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