CRYOCATH COMPLETES $40-MILLION IPO

CryoCath Technologies Inc has raised $40 million with an initial public offering (IPO) of eight million shares, the largest life sciences IPO in Canadian history. The Montreal-based developer of catheter cryotherapy systems for the treatment of cardiovascular disease will use most of the proceeds to complete clinical trials and the regulatory process for its lead product, aimed at the treatment of irregular heartbeats. CryoCath was formed in 1995 based on technology transfer from a Boston-based firm and $2.5 million in seed investments from the backing of BioCapital Investments, Innovatech du grand Montréal and Fonds de solidarité des travailleurs du Québec. Further syndicated private placement followed amounting to $22.6 million and $28.2 million.