Navigation Links
Cardica Achieves Milestone Under Century Distribution Agreement
Date:9/22/2011

REDWOOD CITY, Calif., Sept. 22, 2011 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that it has achieved the first MicroCutter™ milestone under its distribution agreement and loan commitment with Century Medical, allowing Cardica to draw the first $2 million of an up to $4 million loan commitment from Century.

"We are pleased to have achieved this milestone within two weeks after signing the original agreement, bringing us access to additional capital as we continue to work with a select group of surgeons in Europe to gain initial experience and feedback for our MicroCutter XPRESS™ 30," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "We continue to believe Century is the right distribution partner for our MicroCutter product line in Japan, and look forward to a positive ongoing collaboration ahead."

Under the terms of the agreement, which was announced earlier this month, the balance of all amounts drawn by Cardica will be due in September 2016, subject to certain conditions. Cardica expects to achieve the second milestone, which would enable Cardica to access additional amounts under the loan facility with Century, within the next several months.

About Cardica

Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to minimize operating time and enable minimally-invasive and robot-assisted surgeries. Cardica manufactures and markets its automated anastomosis systems, the C-Port® Distal Anastomosis Systems and PAS-Port® Proximal Anastomosis System, for coronary artery bypass graft (CABG) surgery and has shipped over 36,000 units throughout the world. In addition, Cardica is developing the Cardica MicroCutter XPRESS™ 30, a true multi-fire laparoscopic stapling device designed to be used in a variety of procedures, including bariatric, colorectal, thoracic and general surgery. The Cardica MicroCutter products require 510(k) review and are not yet commercially available in the U.S. 

Forward-Looking Statements

This press release contains "forward-looking" statements, including all statements regarding the further development of Cardica's MicroCutter product line and Cardica's ability to satisfy the milestones that are conditions to Century's loan obligation. Any statements contained in this press release that are not historical facts may be deemed to be forward-looking statements. The words "will," "would" and similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Cardica's results to differ materially from those indicated by these forward-looking statements, including that any future Cardica products face development, regulatory, reimbursement and manufacturing risks, as well as other risks detailed from time to time in Cardica's reports filed with the U.S. Securities and Exchange Commission, including its Form 10-K for the fiscal year ended June 30, 2011. Cardica expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Cardica's reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.


'/>"/>
SOURCE Cardica, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Cardica Reports Positive Top-Line Results and Submits 510(k) for PAS-Port(R) Proximal Anastomosis System in Cardiac Bypass Surgery
2. Cardica to Host Investor Briefing on Revolutionizing Revascularization
3. Cardica Announces Publication of Pivotal PAS-Port(R) Proximal Anastomosis System Clinical Trial Results
4. Cardica Announces Fiscal 2010 First Quarter Financial Results and Business Progress
5. Cardica Announces Fiscal 2010 Second Quarter Financial Results
6. Cardica to Announce Fiscal 2010 Third Quarter Financial Results on Tuesday, May 4, 2010
7. Cardica to Present at 9th Annual Needham Healthcare Conference on Wednesday, June 9, 2010
8. Cardica to Announce Fiscal 2010 Fourth Quarter and Year End Financial Results on Tuesday, August 17, 2010
9. Cardica and Intuitive Surgical Enter Into License Agreement
10. Cardica Announces Fiscal 2010 Fourth Quarter and Year End Financial Results
11. Cardicas Automated Anastomosis Systems Featured at Advances In Robotic And Hybrid Coronary Revascularization Meeting
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/27/2017)... 27, 2017 Invivotek, LLC, a Genesis Biotechnology ... vivo pharmacology contract research organization (CRO), announced the ... newly expanded preclinical research facility in Hamilton, ... cleaner, renewable energy source to reduce costs and lessen ... the Genesis Solar Farm follows Invivotek,s recent expansion from ...
(Date:3/24/2017)... and PUNE, India , March 24, 2017 ... "Spine Bone Stimulators Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," the spine ... to reach $724 million by 2022, growing at a CAGR of 3.6% during ... ... Allied Market Research Logo ...
(Date:3/24/2017)... , Mar. 24, 2017 Research and Markets ... Share, Development, Growth and Demand Forecast to 2022" report to their ... The global wound ... to grow at a CAGR of 6.7% during 2016-2022 Among ... held the largest share in the global market in 2015. Among the ...
Breaking Medicine Technology:
(Date:3/24/2017)... ... , ... The iaedp Foundation, the premier provider of educational programs and training ... the full spectrum of disordered eating, announced today that the 2017 Symposium set a ... states and several countries converged on the Green Valley Resort in Las Vegas. ...
(Date:3/24/2017)... Arizona (PRWEB) , ... March 24, 2017 , ... ... Healing Center, Sedona, Arizona’s Premier Center for Shamanic Healing and Spiritual Awakening, ... Luis Delgado, June 9--24, 2017. This sacred and spiritual journey during the ...
(Date:3/24/2017)... PA (PRWEB) , ... March 24, 2017 , ... ... Oncology Nursing Society (ONS) wanted to create a communications platform that positions them ... this goal, Elliance and ONS reinvented their online publication as an always-on, always-fresh ...
(Date:3/24/2017)... Oakland, CA (PRWEB) , ... March 24, 2017 ... ... present on two panels at the Advanced ERISA Benefit Claims Litigation seminar in ... and Creating the Administrative Record, The majority of cases litigated under ERISA involve ...
(Date:3/24/2017)... ... ... Viewers who like to educate themselves on current issues and who enjoy gaining ... issues tend to appreciate and love the "Informed" series, hosted by Rob Lowe. ... causes around the world. , Running for charity has become a multi-million ...
Breaking Medicine News(10 mins):