Cardica Announces Fiscal 2009 First Quarter Financi...(per share compared with a net loss of $3...)

Cash and investments at September 30, 2008, were $17.6 million, compared to $23.3 million at June 30, 2008. As of September 30, 2008, there were approximately 15.8 million shares of common stock outstanding.

Updated Financial Guidance for Fiscal 2009

For fiscal 2009, Cardica expects total revenue of $14 to $17 million. Cardica expects product revenue of $12 to $14 million, with collaboration revenue of $2 to $3 million. Cardica expects to realize improving gross margin on product revenue throughout the year. Cardica continues to expect that fiscal 2009 research and development, sales, general and administrative costs will total between $26 and $28 million, including non-cash stock-based compensation expense of approximately $2 million.

Conference Call Details

To access the live conference call on October 28, 2008, at 4:30 p.m. Eastern Time via phone, please dial 866-203-3206 from the United States and Canada or 617-213-8848 internationally. The conference ID is 77165918. Please dial in approximately 10 minutes prior to the start of the call. A telephone replay will be available beginning approximately one hour after the call through November 4, 2008, and may be accessed by dialing 888-286-8010 from the United States and Canada or 617-801-6888 internationally. The replay passcode is 11080596.

To access the live and subsequently archived webcast of the conference call, go to the Investor Relations section of Cardica's website at http://www.cardica.com. Please connect to the website at least 15 minutes prior to the call to allow for any necessary software downloads.

About Cardica, Inc.

Cardica is a leading provider of automated anastomosis systems for coronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutures with easy-to-use automated syste
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