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CryoLife Completes Tender Offer for 49.9 Percent of the Outstanding Shares of Cardiogenesis Corporation
Date:5/3/2011

ATLANTA and IRVINE, Calif., May 3, 2011 /PRNewswire/ -- CryoLife, Inc. (NYSE: CRY), an implantable biological medical device and cardiovascular tissue processing company, today announced the completion of its tender offer, through its wholly owned subsidiary CL Falcon, Inc., for 49.9 percent of the outstanding shares of Cardiogenesis Corporation ("Cardiogenesis") (OTCQB: CGCP).  The tender offer expired at 12:00 midnight, Eastern Time, at the end of the day on Monday, May 2, 2011.

Based on information provided by Computershare Inc., the depositary and paying agent for the tender offer, a total of 38,482,022  shares of Cardiogenesis' common stock, representing approximately 82.6 percent of Cardiogenesis' outstanding common stock, were validly tendered and not withdrawn in the tender offer.  In addition, there are 318,892 shares subject to guaranteed delivery.  Of those shares tendered, 23,221,166 shares of Cardiogenesis common stock, representing approximately 49.9 percent of Cardiogenesis' outstanding common stock, were acquired in the tender offer.  As of May 2, 2011, Cardiogenesis had 46,535,403 shares of common stock outstanding.  CryoLife will pay an aggregate of approximately $10,612,071 in cash, or $0.457 per share less applicable withholdings, for the shares acquired in the tender offer.

As previously announced, CryoLife is seeking to acquire not more than 49.9 percent of the outstanding Cardiogenesis shares.  As a result, the depositary will apply a to be determined proration factor, representing the percentage of each tendering shareholder's shares that will be accepted in the Offer.  The remaining shares will be returned to the shareholder.

CryoLife intends to acquire the remaining outstanding shares of Cardiogenesis through a merger.  The consideration in the merger will also be $0.457 per share, les
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SOURCE CryoLife, Inc.
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