MONTREAL, June 28 /PRNewswire-FirstCall/ -- CryoCath Technologies Inc. (TSX:CYT), the global leader in cryotherapy products to treat cardiac arrhythmias, today announced it has completed the sale of its surgical portfolio to ATS Medical in a cash transaction valued at US$22 million. With milestone payments, the agreement could increase in value to reach a total of US$30 million.
CryoCath's surgical products are defined as its line of argon-based cardiac surgical cryoablation devices, including products known under the FrostByte(R) and SurgiFrost(R) names.
About CryoCath
CryoCath - http://www.cryocath.com/ - is a medical technology company that leads the world in cryotherapy products to treat cardiovascular disease. 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 http://www.sedar.com/ under the heading Risks and Uncertainties in the Management's Discussion and Analysis section.
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