CryoCor Raises $5.45 Million in Private Placement

San Diego-based CryoCor has raised $5.45 million in a private placement with a group of accredited investors. The company sold 1,052,423 shares of common stock priced at a closing bid price of $5.14 per share. 

CryoCor’s signature product, the Cryoablation System, treats cardiac arrhythmias through the use of cryoenergy, or extreme cold, to destroy targeted cardiac tissue. The product has been on the market in Europe since 2002 for the treatment of atrial fibrillation and atrial flutter, the two most common and difficult-to-treat arrhythmias. The company is pursuing similar availability in the U.S. Earlier this month, CryoCor got word that FDA’s advisory panel will meet in June or July to review a pre-market application for using the Cryoablation System to treat atrial flutter; a trial is underway for the atrial fibrillation indication.

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