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                                                                    EXHIBIT 99.1


For further information, contact:
Thomas M. Prescott, Chief Executive Officer
G. Michael Latta, Chief Financial Officer
Cardiac Pathways Corporation
408-737-0505 (phone)
408-737-1700 (fax)


FOR IMMEDIATE RELEASE

     Cardiac Pathways Announces Closing of Convertible Preferred Stock Financing

     SUNNYVALE, Calif.: July 26, 1999--Cardiac Pathways Corporation (Nasdaq:
CPWY), today announced that it has closed a $32.0 million convertible preferred
stock financing (the "Financing").

     The Financing was led by BankAmerica Ventures and Morgan Stanley Venture
Partners, and included Van Wagoner Capital Management, The State of Wisconsin
Investment Board and other accredited investors. The Company issued 32,000
shares of Series B Preferred Stock at a purchase price of $1,000 per share
raising $32.0 million. Each share of Series B Preferred Stock will initially be
convertible into 200 shares of the Company's common stock (after the reverse
stock split described below). The conversion ratio of the Series B Preferred
Stock will be subject to adjustment for price based anti-dilution. The Series B
Preferred Stock will be entitled to a cumulative dividend of 11% of the purchase
price per share per annum, and will have a liquidation preference in certain
circumstances equal to the initial purchase price plus accrued but unpaid
dividends. The holders of Series B Preferred Stock will vote on all matters
presented to the stockholders on an as-converted to Common Stock basis. In
addition, certain matters, including a merger or acquisition of the Company,
will require the approval of 50% of the holders of Series B Preferred Stock
voting as a separate class.

     Proceeds from the financing will be used to support expansion of the
Company's sales and marketing organization, to ramp up manufacturing operations,
to complete essential research and development programs, and to address ongoing
working capital needs.

     "Completing this financing gives us the resource base to make the
transition from a development stage company to commercial viability," said
Thomas M. Prescott, President and CEO. "We have earned a reputation in the EP
market for great technology with products we are marketing like the Chilli
cooled ablation system, and innovative programs in the R&D pipeline; like the
Tracking System, a rapid assessment and mapping platform recently demonstrated
as works-in-process at NASPE. We believe these new products will help us build
the best, most cost-effective system for rapid assessment, 3-D mapping and
real-time navigation fully integrated with cooled ablation. If we are
successful, clinicians will win from faster exam times, hospitals will win from
greater EP Lab productivity and patients will benefit from integrated assessment
and therapy. As we create this value for our customers, Cardiac Pathways
stockholders will benefit as we establish a valuable franchise in the EP
market."

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     In addition, the Company intends to file a Certificate of Amendment to its
Certificate of Incorporation to effect a one-for-five reverse stock split. The
Company's transfer agent will be contacting stockholders shortly and requesting
that stockholders tender their certificates in exchange for certificates
reflecting the post-split shares. No fractional shares or cash payments will be
issued. The number of post-split shares will be rounded up or down to the
nearest whole share, as the case may be. Once the reverse split is effected, the
Company's shares will trade under the symbol "CPWYD" for 30 days to indicate
that a split has occurred.

     The holders of the Series B Preferred Stock will have a right of first
offer with respect to future financing by the Company, and will be entitled to
certain registration rights.

     Statements included in this release that are not historical or current
facts and which relate to the Financing, are "forward-looking statements" made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and are subject to certain risks and uncertainties that could
cause actual results to differ materially from those anticipated. These
forward-looking statements include the statements in the fourth paragraph
relating to (i) the transition from a development stage company to commercial
viability, (ii) the cost-effectiveness of the Tracking System, and (iii) the
potential benefits received by clinicians, hospitals, patients and stockholders.

     The risks and uncertainties which could cause actual results to differ
materially from those anticipated in these forward-looking statements include,
but are not limited to, the adequacy of the Company's cash resources to support
its operations through commercial viability, the Company's ability to complete
the development of the Tracking System, market acceptance of the Company's
products, the Company's ability to successfully obtain regulatory clearance or
approvals to market its products, the ability of the Company to cost effectively
manufacture and distribute products in commercial quantities, and the Company's
ability to effectively compete in the field of electrophysiology against its
competitors, many of which have substantially greater financial and other
resources.

     THIS LETTER IS NEITHER AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO
BUY ANY SECURITIES OF THE COMPANY. THE SECURITIES DESCRIBED IN THIS NOTICE HAVE
NOT BEEN REGISTERED FOR SALE BY THE COMPANY UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT") OR ANY STATE SECURITIES LAWS AND MAY NOT BE SO OFFERED OR
SOLD ABSENT SUCH REGISTRATION AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS THEREOF.


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