Texas Emerging Technology Fund Awards CryoPen, Inc. $2,000,000

August, 2008

Corpus Christi, Texas - CryoPen Inc. has been awarded a $2,000,000 technology development grant by the State of Texas Emerging Technology Fund (TETF) for the development and commercialization of the CryoPen Cryosurgical System®. CryoPen competed with many other applicant companies to win one of the largest TETF grants to date! The TETF was created to promote technology development in Texas while creating highly skilled jobs and growth. The process to obtain this highly sought after grant took almost an entire year with several presentations to many boards and organizations throughout Texas. These boards and organizations included technical, financial and medical specialists. They oversaw a very strict screening process. All of these screening boards saw the vast implications and value of the CryoPen Cryosurgical System®, specifically, the Gynecological application which provides a treatment modality for pre-cancerous cervical lesions. CryoPen's collaboration with the University of Texas –Health Science Center at Houston was invaluable in the development of this innovative treatment for cervical cancer. The TEFT Grant enables research, design prototyping and commercialization of CryoPen's innovative approach to fighting cervical cancer.