News | June 19, 2007

CryoCath Sells Surgical Portfolio to ATS Medical for $22M

June 19, 2007 - CryoCath Technologies Inc., a cryotherapy products company that treats cardiac arrhythmias, today announced an agreement to sell their surgical portfolio to ATS Medical in a $22 million cash transaction, to enable CryoCath to focus on its line of electrophysiology products for treating atrial fibrillation and other arrhythmias, and to augment ATS’s current cardiac surgery portfolio.

CryoCath’s surgical products are defined as its line of argon-based cardiac surgical cryoablation devices. Under the terms of the agreement, CryoCath will receive $22 million cash at closing, $2 million upon the achievement of certain manufacturing transition milestones, $2 million two years after closing and up to $4 million based on future sales of SurgiFrost XL, planned for commercial release in the second half of 2007.

"The sale of our surgical business marks a significant milestone in our strategy to transition CryoCath into a focused and fast growing electrophysiology cryoablation company," said Jan Keltjens, president and CEO of CryoCath. "It also advances CryoCath towards the accomplishment of two core goals. First, we now have a clear financial pathway to the U.S. approval and launch of Arctic Front, our flagship product targeting the US$2 billion atrial fibrillation opportunity. Secondly, we can focus to achieve rapid, profitable growth in Europe for our EP-Afib business. Due to this increased focus as well as the non-dilutive nature of the financing, we believe this transaction creates great value for our shareholders."

For more information: www.cryocath.com

Related Content

CardioFocus Announces European CE Mark Approval Of HeartLight X3 System
News | Ablation Systems | April 16, 2019
CardioFocus Inc. announced the European CE Mark approval of the HeartLight X3 Endoscopic Ablation System.
First Patient Treated With QDot Micro Ablation Catheter
News | Ablation Systems | February 04, 2019
Biosense Webster has enrolled and treated the first patient in its U.S. Investigational Device Exemption (IDE) study...
FDA Approves TactiCath Contact Force Ablation Catheter, Sensor Enabled
Technology | Ablation Systems | January 21, 2019
Abbott announced U.S. Food and Drug Administration (FDA) approval of the TactiCath Contact Force Ablation Catheter,...
First Patient Treated in STELLAR Atrial Fibrillation IDE Study
News | Ablation Systems | November 30, 2018
Johnson & Johnson Medical Devices Companies announced that Biosense Webster Inc. has enrolled and treated the first...
FDA Approves Biosense Webster's Tag-Index Guided Ablation Software
Technology | Ablation Systems | October 09, 2018
Biosense Webster Inc. recently received approval from the U.S. Food and Drug Administration (FDA) for its Visitag...
Medtronic Cryoballoon Improves Quality of Life, Reduces Systems of Persistent Atrial Fibrillation
News | Ablation Systems | August 28, 2018
Medtronic plc announced new findings from the CRYO4PERSISTENT AF clinical trial demonstrating improved quality of life...
Thermedical Announces FDA IDE Approval for Clinical Study of Durablate Catheter
News | Ablation Systems | August 02, 2018
Thermedical announced that the U.S. Food and Drug Administration (FDA) has approved its Investigational Device...
Boston Scientific to Acquire Cryterion Medical Inc.
News | Ablation Systems | July 13, 2018
Boston Scientific Corp. recently announced a definitive agreement to acquire Cryterion Medical Inc., a privately-held...
Treating AFib With Ablation Reduces Mortality and Stroke
News | Ablation Systems | July 05, 2018
Using catheter-based ablation instead of medications alone reduces the risks of death and stroke in patients with the...
LuxCath Showcases OmniView Light-Guided Ablation Catheter at HRS 2018
News | Ablation Systems | May 22, 2018
LuxCath LLC showcased the next generation of its proprietary OmniView light-guided catheter ablation system at the 2018...
Overlay Init