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EXHIBIT 99.1
[CARDIAC PATHWAYS CORPORATION LETTERHEAD]
For further information, contact:
Thomas M. Prescott, President & CEO
Eldon M. Bullington, Chief Financial Officer
Cardiac Pathways Corporation
408-737-0505 (phone)
408-737-1700 (fax)
FOR IMMEDIATE RELEASE
CARDIAC PATHWAYS ANNOUNCES CLOSING
OF A $22.5 MILLION COMMON STOCK FINANCING
SUNNYVALE, CA., DECEMBER 26, 2000 - Cardiac Pathways Corporation (NASDAQ: CPWY)
today announced a significant infusion of capital with the closing of a common
stock financing.
Cardiac Pathways has issued and sold 5.9 million shares of common stock at a
purchase price of $4.25 per share for aggregate net proceeds of $22.5 million.
Principal investors in the financing include Van Wagoner Capital Management as
lead investor, BA Venture Partners, Morgan Stanley Dean Witter Venture Partners,
State of Wisconsin Investment Board and Special Situations Funds.
The Company intends to use the net proceeds of this financing to expand sales,
marketing and manufacturing capacity for its key product platforms, the Realtime
Position Management (RPM) Tracking System and the Chilli(R) Cooled Ablation
Catheter, and for working capital and general corporate purposes. The shares of
common stock being sold in the financing have not been registered under the
Securities Act of 1933, as amended, and may not be sold in the United States
absent registration, or an applicable exemption from registration. Under the
terms of the financing, the Company is required to file a registration statement
for the purpose of registering under the Securities Act of 1933, as amended, the
resale of all common stock sold pursuant to the financing.
"This equity financing provides Cardiac Pathways with the working capital needed
to benefit from the strong, growing demand we see for our innovative RPM and
Chilli product platforms," stated Thomas M. Prescott, President and CEO. "We are
pleased with the confidence expressed in the Company by this group of
investors."
About Cardiac Pathways:
Cardiac Pathways develops, manufactures and markets minimally invasive systems
to diagnose and treat cardiac tachyarrhythmias (abnormally rapid heart rhythms).
The company is a pioneer and leader in the development of complete integrated
mapping and ablation systems for the diagnosis and treatment of heart rhythm
disturbances.
