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August 20, 2003

Endocardial Solutions Sells Approximately $6.6 Million of Common Stock

MINNEAPOLIS/ST. PAUL -- Endocardial Solutions, Inc. (NASDAQ: ECSI) today announced the sale of approximately $6.625 million of common stock, representing 1,558,826 shares, in a private placement to institutional investors through U.S. Bancorp Piper Jaffray, as agent. The closing of the sale is expected to occur on Friday, August 22, 2003.

 

"We are very pleased with the initial release of our    intracardiac non-fluoroscopic navigation system, having completed the upgrade of over 150   Systems around the world," said Jim Bullock, President and Chief Executive Officer. "Our Research & Development team is nearing completion of the next version of     software that will add several clinical features and functions that have been requested by our customers, and we expect to release this upgrade in the fourth quarter of this year", stated Bullock. "In addition, we continue to make significant progress in the development of our digital image fusion (  DIF™ ) technology which will enable physicians to integrate patient-specific three-dimensional cardiac images into the   System for advanced mapping and navigation applications, and in our clinical studies using the   System in congestive heart failure applications to identify the optimal site for placing bi-ventricular pacing leads and measuring the hemodynamic efficiency of various pacing therapies. Proceeds from this sale will be used for general working capital purposes, including the continued research and development and commercial release of these and other new products,” continued Bullock.

 

"Our vision of integrating multiple navigation, mapping and electrophysiological capabilities on the   workstation is precisely what the marketplace is demanding, and with this financing, we believe we are well-positioned to realize our vision of the   System as a platform for navigating and guiding the delivery of multiple intracardiac therapies," concluded Bullock.

About Endocardial Solutions, Inc.

 

Based in St. Paul, Minnesota, Endocardial Solutions (www.endocardial.com) develops, manufactures and markets technology for diagnostic mapping of complex arrhythmias (abnormally rapid heartbeats caused by irregular electrical activity in the heart). The   3000 System provides a 3D graphical display of the heart’s electrical activity. The U.S. Food and Drug Administration cleared the   3000 System for use in diagnostic mapping of complex arrhythmias in the right atrium of the heart during the second quarter 1999.

 

The discussion above contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and includes a number of risks and uncertainties. A number of factors should be considered in conjunction with these forward-looking statements. These factors are set forth in the cautionary statements included in Exhibit 99.1 to Endocardial Solutions’ Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. Endocardial Solutions cautions investors and others to review the statements set forth in that report and that other factors may prove to be important in affecting the business and results of operations of Endocardial Solutions.

The discussion above is based on preliminary financial results, which are subject to further review and adjustment, and contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding gross margins, operating expenses and revenue expectations, that involve a number of risks and uncertainties. A number of factors should be considered in conjunction with these forward-looking statements. These factors are set forth in the cautionary statements included in Exhibit 99.1 to Endocardial Solutions’ Form 10-K for the year ended December 31, 2002, filed with the Securities and Exchange Commission. Endocardial Solutions cautions investors and others to review the statements set forth in that report and that other factors may prove to be important in affecting the business and results of operations of Endocardial Solutions.

Endocardial Solutions cautions investors and others to review the statements set forth in that report and that other factors may prove to be important in affecting the business and results of operations of Endocardial Solutions.

Contacts:

Jim Bullock, President & CEO, Endocardial Solutions
(651) 523-6928 jbullock@endocardial.com

J. Robert Paulson, CFO, Endocardial Solutions
(651) 523-6916 bpaulson@endocardial.com

Brenda Gutzke, Investor Relations, Endocardial Solutions
(651) 523-6959 bgutzke@endocardial.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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