REDWOOD CITY, Calif., Sept. 15 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that it received a $1 million milestone payment from Cook Medical (Cook) for the successful development of a specialized automated device used to close holes in the heart known as patent foramen ovales (PFO), a relatively common heart defect present in 15 to 20 percent of the general population.
"Patients with PFO may be at increased risk for several serious medical conditions, including stroke and systemic embolism, because blood clots can pass directly through the hole and into the main circulation," said Brian Bates, senior vice president of business development for Cook. "We believe the innovative closure device developed by Cardica provides patients with a direct minimally invasive alternative to current treatments to permanently close the hole in the heart. This may potentially reduce the risk of stroke, transient ischemic attack and debilitating migraines."
In June 2007, Cardica and Cook entered into an agreement to develop a PFO closure device, whereby Cardica is responsible for the design, production and manufacturing, which is directed by a development committee with representatives from both companies. Cook is responsible for preclinical and clinical development, as well as regulatory approval of the product, and, subject to regulatory approval will have exclusive worldwide commercialization rights to market the PFO closure device. Cardica has received a total of $3.1 million to date under the agreement. Cardica also is eligible to receive additional payments, of up to $500,000 over the next year if specified milestones are met, as well as royalties on future worldwide sales, if any.
"We believe the PFO clo
|SOURCE Cardica, Inc.|
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