<PAGE> 1
EXHIBIT 99.1
Cardiac
Pathways
Corporation
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 SIGNING
OF A $22.5 MILLION COMMON STOCK FINANCING
SUNNYVALE, CA., NOVEMBER 8, 2000 - Cardiac Pathways Corporation (NASDAQ:
CPWY), today announced the signing of definitive agreements in connection with a
Common Stock financing.
The Company has signed definitive agreements in connection with a Common
Stock financing (the "Financing") that, if closed, will result in a significant
infusion of capital into the Company. The investors in the Financing are
selected institutional and other accredited investors. If the Financing closes,
the Company will issue 5,858,823 shares of Common Stock at a purchase price of
$4.25 per share for aggregate net proceeds of $22.5 million. The shares of
Common Stock have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration, or an applicable exemption from registration. The Company has also
agreed to file a registration statement, within 30 days of the close of the
Financing, for the purpose of registering under the Securities Act of 1933 the
resale of all of the Common Stock sold pursuant to the Financing.
The Company intends to use the net proceeds from this Financing to expand
sales, marketing and manufacturing capacity for its key products, and for
working capital and general corporate purposes.
Closing of the Financing is contingent upon the Company satisfying the
stockholder approval requirements of the NASDAQ National Market in connection
with the Financing and obtaining the approval of the holders of a majority of
the shares of Series B Convertible Preferred Stock of the Company. The closing
of the Financing is also subject to other customary closing conditions,
including the absence of a material adverse change in the Company's financial
condition since the date of its most recent Annual Report
-4-
<PAGE> 2
on Form 10-K. Subject to the conditions of closing, the Common Stock financing
is expected to close during the third week of December.
Cardiac Pathways develops, manufactures, and markets minimally invasive
systems to diagnose and treat cardiac tachyarrhythmias (abnormally rapid heart
rhythms).
Statements included in this release are not historical or current facts and
which relate to the Financing, are "forward-looking statements" made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 and are subject to certain risks and uncertainties that could cause actual
results to differ materially from those anticipated. These risks and
uncertainties include, but are not limited to, the completion of the Financing
on substantially the same terms described in this release.
###
-5-
