Exhibit 99.1
 
 
CONTACT:
Brett Scott, Chief Financial Officer
949-453-0150
bscott@alsius.com


Alsius Corporation Reports Second Quarter 2007 Results
Announces $3 Million Warrant Repurchase Program
 
Irvine, Calif., August 14, 2007 -- Alsius Corporation (Nasdaq: ALUS), a worldwide leader in advanced patient temperature management therapies today reported financial results for its second quarter ended June 30, 2007. Revenue for the quarter increased 108% to $2.5 million, compared with $1.2 million in the second quarter of 2006. Gross margin increased to $0.3 million, up from $(0.3) million in the second quarter of 2006. Net loss for the second quarter of 2007 increased 11% to $5 million or $0.42 per share, from $4.5 million or $0.41 per share for the second quarter of 2006.  The company’s financial results are being reported for the first time since its listing on NASDAQ on July 12, 2007 as a result of its June 21 merger with Ithaka Acquisition Corporation.
 
“The quarter’s revenue growth reflects Alsius’ continued penetration of worldwide markets, a growing installed base of CoolGard systems, and increased catheter utilization. In addition, our gross margin gains reflect manufacturing improvements from increased production. Our net loss widened, as expected, as we made investments to drive further market penetration with an enhanced sales and marketing infrastructure,” said Bill Worthen, President and CEO.
 
Worthen also indicated that shortly after the close of the second quarter the company had been awarded an exclusive three-year sales, marketing and customer service contract from Amerinet, a market leading hospital group purchasing organization (GPO) serving more than 2,200 acute care facilities across the country. The agreement positions Alsius as the only provider to Amerinet hospitals of intravascular temperature management systems to administer patient cooling and warming therapy.
 
Warrant Repurchase Program
 
On August 9, 2007, Alsius' board of directors authorized a warrant repurchase program that enables the company to deploy up to $3 million to repurchase outstanding warrants from time to time in the open market, through block trades or otherwise, pursuant to applicable securities laws. Depending on market conditions and other relevant factors, Alsius may begin or suspend repurchases at any time without any prior notice. Any warrants acquired through the repurchase program will be cancelled. No time limit was set for completion of the program.
 
Outlook and Financial Guidance
 
Management's guidance for full-year 2007 revenues is in the range of $11.5 to $12.5 million.
 
Worthen commented, “We expect our historically robust revenue growth rate to continue.  We believe our high closure rate and recent wins clearly position us as the technologically superior solution.”
 
-- more --

The following information was filed by Alsius Corp on Tuesday, August 14, 2007 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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