REDWOOD CITY, Calif., Sept. 4 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that, on September 2, 2009, it received a notice from the Listing Qualifications Department of The NASDAQ Global Market (NASDAQ) stating that the Company's stock will be delisted from NASDAQ based upon NASDAQ staff's determination that Cardica has not regained compliance with the minimum $10 million stockholders' equity requirement for continued listing on the NASDAQ as stated under NASDAQ Marketplace Rule 5450(b)(1)(A). As a result, Cardica's securities will be delisted from NASDAQ unless, by September 9, 2009, Cardica requests a hearing before a NASDAQ Listing Qualifications Panel (Panel) to appeal the staff's determination. Cardica has requested a hearing before the Panel, and Cardica's securities will remain listed on NASDAQ pending a decision by the Panel following the hearing.
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 systems, Cardica's products provide cardiovascular surgeons with rapid, reliable and consistently reproducible anastomoses, or connections of blood vessels, often considered the most critical aspect of the CABG procedure. Cardica's C-Port(R) Distal Anastomosis Systems are marketed in the United States and Europe and its PAS-Port(R) Proximal Anastomosis System is marketed in the United States, Europe and Japan. In addition, the company has developed the Cardica Microcutter, a true multi-fire endoscopic stapling device designed to be used in a variety of settings including bariatric, thoracic and general surgery.
This press release contains "forward-looking statement
|SOURCE Cardica, Inc.|
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