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Cardica Receives NASDAQ Notification
Date:5/22/2009

REDWOOD CITY, Calif., May 22 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that, on May 19, 2009, it received a notice from the Listing Qualifications Department of The NASDAQ Global Market (NASDAQ) that the Company does not comply with the minimum $10 million stockholders' equity requirement for continued listing on the NASDAQ Global Market as stated under NASDAQ Marketplace Rule 5450(b)(1)(A) (the "Minimum Equity Requirement").

As provided by NASDAQ rules, Cardica has the opportunity to submit to NASDAQ on or before June 3, 2009, a specific plan and timeline to regain and sustain compliance with the Minimum Equity requirement. There is no assurance that NASDAQ will accept the Company's plan to satisfy the stockholders' equity requirement. If NASDAQ accepts Cardica's plan, NASDAQ may grant Cardica a period of up to 105 days from May 19, 2009 to regain compliance with such listing requirements. If NASDAQ determines that Cardica's plan is not sufficient to achieve and sustain compliance with the Minimum Equity Requirement, NASDAQ will provide written notice that Cardica's securities will be subject to delisting from the NASDAQ Global Market. At such time, Cardica may then apply to move to The NASDAQ Capital Market, provided it meets the continued listing requirements of that market, or appeal NASDAQ's delisting determination to a NASDAQ Listing Qualifications Panel. In the event of an appeal, Cardica's securities would remain listed on The NASDAQ Global Market pending a decision by the Panel following the hearing.

About Cardica

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
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SOURCE Cardica, Inc.
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