CryoCor Reports 2007 Results( SAN DIEGO March 20 /- CryoCor Inc...),Health

SAN DIEGO, March 20 /PRNewswire-FirstCall/ -- CryoCor, Inc. (Nasdaq: CRYO), a medical device company focused on the treatment of cardiac arrhythmias, today reported on its financial results for the year ended December 31, 2007. CryoCor reported a net loss of $15.8 million, or ($1.31) per share, for the year ended December 31, 2007, as compared to a net loss of $15.1 million, or ($1.40) per share, for the year ended December 31, 2006. CryoCor reported that it had $12.3 million in cash, cash equivalents and short-term investments at December 31, 2007, and expects to receive an additional $4.0 million under its development and license agreement with Boston Scientific Corporation, or BSC.

CryoCor received approval from the United States Food and Drug Administration, or FDA, to commercialize its Cardiac Cryoablation System in the United Stated in August 2007 and began hiring its sales force in the fourth quarter of 2007. To date, five sales personnel have been hired in addition to a Vice President of Sales and Marketing. Initial sales activity of CryoCor's disposable catheters in the fourth quarter of 2007 and the first quarter of 2008 has been modest as CryoCor's efforts in this period have been focused on converting its clinical sites to commercial centers as well as identifying new commercial centers interested in evaluating the Cardiac Cryoablation System. CryoCor reported that all but two of its clinical sites have been, or are in the process of being, converted to commercial centers and that nine new commercial centers are in the process of evaluating the Cardiac Cryoablation System. CryoCor's goal for 2008 is to install its Cardiac Cryoablation System in up to 75 new commercial centers in the United States, in addition to converting its clinical sites to commercial centers.

CryoCor's announced the following goals for 2008:

-- Achieve the final milestones under its Development and License

Agreement with BSC

-- Begin
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