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Cardica Announces Fiscal 2012 Third Quarter Financial Results
Date:5/1/2012

REDWOOD CITY, Calif., May 1, 2012 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal third quarter ended March 31, 2012. Cardica's management will hold a conference call at 4:30 p.m. Eastern Daylight Time to discuss the financial results and provide an update on the company's business.

"We are pleased with our progress in developing our MicroCutter XCHANGE™ 30," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "With the increased financial support resulting from our public offering in February, we look forward to resuming our clinical trial in Europe and subsequently beginning to book initial sales for the XCHANGE 30 in Europe, both in the current calendar quarter. Following extensive testing of this product in excised human tissue, Cardica is now using this novel product in a broad range of surgical procedures ranging from appendectomies to lung resections."

Recent Highlights and Accomplishments

  • Completed first human procedures using the XCHANGE 30 device in Europe including procedures such as appendectomies, vascular transections, small intestinal and lung resections;
  • Applied CE Mark to Cardica's proprietary MicroCutter XCHANGE 30 surgical cutting and stapling system, following completion of design verification;
  • Increased cumulative worldwide shipments of PAS-Port® Proximal Anastomosis Systems to over 27,300 units, with 1,177 units shipped in the fiscal 2012 third quarter;
  • Increased cumulative worldwide shipments of C-Port® Distal Anastomosis Systems to over 12,900, with 275 units shipped in the fiscal 2012 third quarter; and
  • Completed an underwritten public offering of approximately nine million shares of Cardica's common stock, for total net proceeds of approximately $14 million.
  • Fiscal 2012 Third
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    SOURCE Cardica, Inc.
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