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Under the tender offer, a total of 14,321,002 warrants were exercised(approximately 87% of the 16,541,000 publicly traded warrants issued in theinitial public offering of our predecessor, Ithaka Acquisition Corp). Thisconsisted of 14,049,081 warrants tendered for cashless exercise in exchangefor 2,554,378 shares of common stock (on the basis of 5.5 warrants for 1 shareof common stock), and 271,921 warrants exercised by payment of a reduced cashprice of $3.25 per share. As a result of the exercise of warrants 2,826,299new shares of common stock were issued.
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Following the program, Alsius will have 21,079,799 shares of common stockoutstanding. The outstanding warrants that were not exercised will retaintheir original terms that existed before the tender offer.
"The offer's success has allowed us to greatly reduce the number ofwarrants outstanding, which was our goal," said Bill Worthen, President andChief Executive Officer of Alsius. "We are pleased that our shareholdersunderstood the importance of simplifying our capital structure."
Deutsche Bank Securities Inc. acted as dealer manager in connection withthe warrant offer.
Questions regarding the completed tender offer may be directed to Morrow &Company, LLC, the information agent for the offering. Morrow & Company'stelephone number for bankers and brokers is (800) 662-5200 and for all othersecurity holders is (800) 607-0088.
This news release is merely a notification of the results of the tenderoffer and is neither an offer to sell nor solicitation of an offer to buy anysecurities. The tender offer was made only through an Offer Letter datedDecember 19, 2007 and related materials.
About Alsius
Alsius, headquartered in Irvine, CA, is a commercial-stage medical devicecompany that develops, manufactures and sells proprietary products toprecisely control patient temperature in hospital critical care settings.Controlling body temperature, through cooling and warming, is becoming thestandard of care for patients in select critical conditions and thoseundergoing a variety of surgical procedures. Alsius markets a comprehensivesuite of catheter-based intravascular temperature management products thataddress the need for effective, accurate, easy-to-use and cost-effectivecontrol of body temperature in critical care patients.
Alsius' products consist of the CoolGard and Thermogard systems and threefamilies of single-use catheters. The systems are computer-controlledtemperature regulation units that circulate cool or warm saline in aclosed-loop through balloons that surround the catheters. Alsius' cathetersare inserted into a major vein through a patient's neck or groin and achieverapid and precise temperature management through contact with the patient'sblood flow. Unlike conventional external temperature management products, suchas cooling and warming blankets and ice packs, Alsius' intravascular productscool and warm the patient from the inside out, more effectively managing bodytemperature and allowing caregivers easier access to administer patient care.For more information, visit http://www.alsius.com.
SOURCE Alsius Corporation
