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

. Food & Drug Administration and is not yet commercially available.

About Aspire Capital Fund, LLC

Aspire Capital Fund, LLC is an institutional investor based in Chicago, Illinois, with a fundamental investment approach. Aspire Capital Invests in a wide range of companies and industries emphasizing life sciences, energy and technology.

This press release contains "forward-looking" statements, including statements related to the potential future sale of shares of our common stock to Aspire Capital under the common stock purchase agreement and matters related to future financial flexibility and the future development, potential regulatory approval and launch of the Cardica Microcutter ES8 and other devices.  Any statements contained in this press release that are not historical facts may be deemed to be forward-looking statements.  The words "will," "elects," "potential," "plans," "subject to" 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 risks related to Cardica's ability to access capital under the terms of the common stock purchase agreement and risks that Cardica may not be successful in its efforts to develop the Cardica Microcutter ES8 and expand its product portfolio; that the Cardica Microcutter ES8 may not be subject to a 510(k) rather than longer Premarket Approval application process or otherwise may not obtain regulatory approval on Cardica's anticipated timeline, if at all, as well as other risks detailed from time to time in Cardica's reports and registration statements filed with the U.S. Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2010 and its Registration Statement on Form S-3 (No. 333-171195) filed on December 15, 2010.  Cardica
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