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Cardica Announces Fiscal 2013 Fourth Quarter And Full Year Financial Results
Date:8/5/2013

REDWOOD CITY, Calif., Aug. 5, 2013 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced financial results for its fiscal fourth quarter and full year ended June 30, 2013. Cardica's management will hold 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 2013 Cardica's main focus was to introduce the MicroCutter XCHANGE™ 30 for human use, while carefully monitoring performance and continuing to iterate the device in response to surgeons' feedback," said Bernard A. Hausen, M.D., Ph.D., president and CEO of Cardica. "In addition, we reinitiated a major clinical trial to support a 510(k) submission. Midway through the fiscal year, we began a controlled launch for the MicroCutter XCHANGE™ 30 in Europe, working with key surgeons to demonstrate the features and benefits of this device in a host of different surgical procedures."

Dr. Hausen continued, "Now at the end of fiscal 2013, we are proud to have successfully completed the MicroCutter European Trial (MET1) with very encouraging results. We clearly met the primary endpoint of the trial, freedom of MicroCutter-related severe adverse events when compared to historical controls from the medical literature, with only one event in 160 patients enrolled and 423 deployments. From a broad perspective our goal is, and has always been, to have a product that clearly meets surgeons' expectations in terms of reliability, repeatability and ease of use while offering key benefits in terms of size and mobility. It is the combination of both that will ensure success of this product in the U.S., the world's key market for medical stapling products, pending marketing clearance by the U.S. Food and Drug Administration." 

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