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Cardica Announces Fiscal 2010 First Quarter Financial Results and Business Progress
Date:10/29/2009

REDWOOD CITY, Calif., Oct. 29 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today reported financial results for its fiscal 2010 first quarter ended September 30, 2009. Our financial results reflect a transition of our sales model related to our automated anastomotic systems used by cardiac surgeons to perform coronary bypass surgery and the expansion of our business through the development of an endoscopic microcutter intended for use by general, thoracic, gynecologic, bariatric and urologic surgeons.

"During the first quarter of fiscal 2010, we signed six new agreements with independent distributors and manufacturers' representatives, bringing our external sales team to 22. We utilized the summer months, during which typically there are fewer cardiac surgery procedures, to train our new sales representatives, preparing them to proctor bypass procedures using our automated anastomosis products moving forward. While our revised sales model using a core sales team supported by independent distributors and manufacturers' representatives remains to be proven, we believe that it will allow us to incrementally increase clinician adoption of our cardiac surgery products while controlling our costs," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica.

"In addition, we completed a private placement that provided funding for the further development of the Cardica Microcutter, which applies our proprietary automated stapling technology outside of cardiac surgery and has potential use in a range of surgical applications, including bariatric, thoracic and general surgery. We continue to make strides in the development of our microcutter, and we intend to initiate animal testing in the first half of calendar 2010."

Recent Highlights and Accomplishments

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SOURCE Cardica, Inc.
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