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Cardica Announces $10 Million At-The-Market Common Stock Financing Agreement
Date:12/16/2010

REDWOOD CITY, Calif., Dec. 16, 2010 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that it has entered into a common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company, which provides that, subject to certain conditions, Aspire Capital is committed to purchase up to $10 million of Cardica's common stock over the next two years.

For the duration of the two-year purchase agreement, Cardica will control the timing and amount of any sales of its common stock to Aspire Capital, subject to certain conditions, which include the effectiveness of a registration statement registering the sale by Aspire Capital of the shares issued to Aspire Capital under the agreement. Each time that Cardica elects to sell shares to Aspire Capital pursuant to the purchase agreement, the pricing of that sale will be determined pursuant to a formula that is based upon the actual sale prices of Cardica's common stock on NASDAQ over the 12 days preceding the particular sale to Aspire Capital. Accordingly, Cardica will know at the time that it gives a notice of sale to Aspire Capital the price per share that Aspire Capital will be required to pay.  Aspire Capital has no right to require any sales by Cardica, but is obligated to make purchases as Cardica directs in accordance with the purchase agreement, which may be terminated by Cardica at any time, without cost or penalty. The agreement does not restrict other financings by Cardica. A more detailed description of the transaction with Aspire Capital is set forth in the Company's Registration Statement on Form S-3 (No. 333-171195), filed on December 15, 2010 with the U.S. Securities and Exchange Commission.

"We believe that having access to additional capital opportunistically will give us the financial flexibility and control to allow us to complete development and pursue our
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SOURCE Cardica, Inc.
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