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Cardica Announces Fiscal 2010 Fourth Quarter and Year End Financial Results
Date:8/17/2010

REDWOOD CITY, Calif., Aug. 17 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal fourth quarter and year ended June 30, 2010. Cardica's management will host a conference call at 4:30 p.m. Eastern Time to discuss the financial results and provide an update on the company's business.

"In fiscal 2010, we focused our development efforts on the Microcutter family of products and we have completed the first phase of our chronic animal studies, with results comparable to existing staple lines," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica, Inc. "Importantly, today we announced a license agreement with Intuitive Surgical for our intellectual property in the field of robotics."

"For our cardiac surgery business, we have achieved a consistent $1 million in total quarterly product sales, and during the fourth quarter of fiscal 2010 we reached a key milestone with more than 30,000 automated anastomosis systems shipped," continued Dr. Hausen.

Recent Highlights and Accomplishments

  • Entered into a license agreement providing Intuitive Surgical with a worldwide, exclusive license to Cardica's intellectual property in the field of robotic surgery. Under the terms of the agreement, Intuitive has paid Cardica $12 million for a royalty-bearing license and equity investment in approximately 1.25 million shares of Cardica's common stock. The license excludes vascular anastomosis applications;
  • Completed the first phase of animal testing for the Microcutter ES8 with comparable results to existing staple lines, both on burst pressure and hemostasis performance;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 19,500 units, with 1,353 units shipped in the fiscal 2010 fourth quarter; and
  • Increased cumulative w
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