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    CryoCath Completes $17.4 Million Bought Deal of Common Shares

    Montreal, Canada - May 7, 2008 - CryoCath Technologies Inc. (TSX: CYT), today announced that it has closed its previously announced sale of 4,190,000 common shares (“Common Shares”) at a price of $4.15 per Common Share, resulting in gross proceeds to CryoCath of $17,388,500.

    The Common Shares were offered for sale by a syndicate of underwriters led by GMP Securities L.P. and including Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. CryoCath will use the net proceeds of the offering (i) to fund additional research, development and commercialization of our products, including the Company’s pivotal clinical trial aimed at obtaining U.S. approval for the Arctic Front system to treat Atrial Fibrillation (AFib), (ii) to expand marketing efforts in Europe and in the U.S., and (iii) for general corporate (including repaying certain indebtedness) and working capital purposes.

    In addition, the underwriters have the option, exercisable for a period of 30 days after the closing date, to acquire up to an aggregate of 628,500 additional Common Shares (for additional gross proceeds to CryoCath of up to $2,608,275) at the $4.15 offering price, for total gross proceeds to CryoCath of up to $19,996,775.

    THE COMMON SHARES HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT U.S. REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS.

    About Medtronic CryoCath

    CryoCath – www.cryocath.com – is a medical technology company that leads the world in cryotherapy products to treat cardiac arrhythmias. 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 www.sedar.com under the heading Risks and Uncertainties in the Management’s Discussion and Analysis section.

    For further information, please contact:

    Ross Marshall
    Phone: 416 815 0700 ext. 238
    E-mail: rmarshall@equicomgroup.com

    Ross Marshall
    Phone: 416 815 0700 ext. 238
    E-mail: rmarshall@equicomgroup.com