Cyanotech Completes Private Financing for $1.55 Million; Retires 10% Convertible Subordinated Debentures Due October 31, 2002

KAILUA-KONA, Hawaii--(BUSINESS WIRE)--Oct. 15, 2002--Cyanotech Corporation (Nasdaq: CYAN), a world leader in producing high-value, natural products from microalgae, today announced that it has completed a private placement of $1.25 million of 10% convertible subordinated debentures, due September 30, 2004, and $300,000 of common stock. The debentures are convertible into shares of common stock of the Company at $.65 per share and the common stock was issued at $.40 per share. The placement to accredited investors was managed by the Company.

Proceeds from the 10% convertible subordinated debentures will be used to retire $1.238 million in 10% convertible subordinated debentures that mature on October 31, 2002. Net proceeds from the issuance of the common stock will be used for working capital. The Company's cash balance as of September 30, 2002 (and prior to this financing) was approximately $284,000.

-- Cyanotech Corporation, a world leader in microalgae technology, produces high-value natural products from microalgae, and is the world's largest commercial producer of natural astaxanthin (pronounced "asta-zan-thin") from microalgae. Products include BioAstin(R) natural astaxanthin, a powerful antioxidant with expanding applications as a human nutraceutical; NatuRose(R) natural astaxanthin for the aquaculture and animal feed industries; Spirulina Pacifica(R), a nutrient-rich dietary supplement; and phycobiliproteins, which are fluorescent pigments used in the immunological diagnostics market. Spirulina and BioAstin are sold directly online through and as well as through resellers worldwide in over 30 countries. Corporate and product information is available at

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