Cardica Announces Fiscal 2008 Second Quarter Financial Results and Busines...(g that C-Port xA(R) and C-Port(R) Flex-A...)

Anastomosis Systems produce excellent patency in off-pump cardiac

bypass surgery;

-- Hosted a premier live webcast demonstrating the use of the C-Port xA

and the C-Port Flex-A systems during an off-pump coronary artery bypass

graft (CABG) procedure and a taped robotic closed-chest bypass surgery,

respectively; and

-- Launched C-Port xA X-CHANGE system, a cartridge-based system, and will

feature it at the Annual Meeting of the Society of Thoracic Surgeons

which is taking place Jan. 25-30 in Fort Lauderdale, Fla.

Corporate

-- Raised $15.4 million in net proceeds through the sale of 1,981,170

shares of Cardica's common stock; and

-- Received $2 million from Cook Medical for multiple milestones under the

Cook Vascular Closure Device and patent foramen ovale (PFO) license,

development and commercialization agreements.

Fiscal 2008 Second Quarter and Six Months Ended December 31, 2007 Financial Results

Total revenue was approximately $1.7 million for the fiscal 2008 second quarter compared to approximately $0.9 million for the fiscal 2007 second quarter. Total product revenue was approximately $1.3 million for the fiscal 2008 second quarter compared to approximately $0.4 million for the same period in fiscal 2007. Cost of product revenue was approximately $1.2 million for the fiscal 2008 second quarter compared to approximately $0.9 million for the fiscal 2007 second quarter.

Research and development expenses were approximately $1.7 million for both the fiscal 2008 and 2007 second quarters. Selling, general and administrative expenses for the fiscal 2008 second quarter were approximately $3.2 million compared to approximately $2.2 million for the same period in fiscal 2007.

The net loss for the fiscal 2008 second quarter was approximately $4.2 million, or $0.29 per share, com
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