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CryoCath announces 2007 fourth quarter and fiscal year end financial results
Date:12/17/2007

.8% for Q4.

- Gross margins increased significantly to 59.2% from 53.6% in fiscal

2006.

- Excluding the impact of the sale of the surgical portfolio, the net

loss for 2007 was $29.2 million or a drop of 2.4% as compared to

$30.0 for 2006. Including the gain from selling the surgical

portfolio the net loss ended at $19.0 million.

- Overall operating burn increased marginally from $19.8 million in

2006 to $20.3 million in 2007.

- A total of 162 patients have been enrolled to date in our STOP AF IDE

pivotal trial. This study continues to be the fastest enrolling AFib

trial in the US. At the current enrollment rate per center we will

reach full enrollment by April 2008. This keeps this key program on

track for late 2009 approval by the FDA.

- There is a growing body of strong clinical evidence around our Arctic

Front system. In various studies in US and Europe, the system lives

up to its expectations and provides solid 12-month outcomes and no

permanent side effects in Paroxysmal AFib patients in a relatively

simple procedure.

"The past year has been packed with positive changes for CryoCath. More than ever, we are now focused on commercialization and growth," said Jan Keltjens, President & CEO of CryoCath. "Undoubtedly, the sale of the surgical products division at the end of Q3 was the pivotal initiative in this respect, enabling us to concentrate fully on the huge potential offered by the electrophysiology market and atrial fibrillation, in particular. Our focus is on obtaining US approval for our revolutionary Arctic Front system and rapid, profitable growth in Europe. In both areas, we made solid progress in 2007. In the last couple of months of 2007 we were able to resolve supply constraints for Arctic Front and embarked on a solid commercial roll-out plan in Europe. As a result, Arctic Fron
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SOURCE CryoCath Technologies Inc.
Copyright©2007 PR Newswire.
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