October 10, 2003

News Release: CryoCath Closes $25 Million Bought Deal of Common Shares

CryoCath Technologies Inc. (TSX: CYT), announces the closing of its previously announced bought deal of 4,500,000 common shares. The offering was sold through a syndicate of underwriters led by Orion Securities Inc. and including BMO Nesbitt Burns Inc., National Bank Financial Inc., RBC Capital Markets Inc., and Dlouhy Merchant Group Inc.

Cryocath issued 4,500,000 common shares at a price of $5.60 per common share, resulting in gross proceeds to CryoCath of $25,200,000. The net proceeds from the offering will be used principally to support the Company's interventional cardiology research and development program in peripheral restenosis. Affecting up to 8 million patients in the United States, peripheral vascular disease is a painful condition that can restrict one's ability to walk and often leads to amputation. In a human feasibility study of CryoCath's PermaFrost System, assessment of those patients who reached the six-month follow-up period indicated that 9 of 11 patients had symptomatic improvement, with 8 of 9 patients having normal pedal artery pulses at follow-up. CryoCath will also use a portion of the proceeds to support its sales and marketing program as it expands the number of U.S. hospitals and clinics using its cryoablation products.

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 CryoCath(R)

CryoCath - www.cryocath.com - is a medical technology company that leads the world in cryotherapy products to treat cardiovascular disease. With a priority focus on providing physicians with a complete solution of catheter and surgical products to treat cardiac arrhythmias, CryoCath has multiple products approved in the U.S. and across Europe. The Company is developing additional products to expand its pipeline of products to treat cardiac arrhythmias and has reached projects in ischemia and peripheral restenosis.

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

This press release includes 'forward looking statements'that are subject to risks and uncertainties. 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 under the heading Risks and Uncertainties in the Management's Discussion and Analysis section.

For further information: visit our website at www.cryocath.com, orcontact: Steven G. Arless, President &CEO, CryoCath Technologies Inc., Tel:(514) 694-1212 ext. 224, sarless(at)cryocath.com; Mike Polonsky, InvestorRelations, Tel: (416) 815-0700 ext. 231, Fax: (416) 815-0080,mpolonsky(at)equicomgroup.com


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