IRVINE, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of diffuse coronary artery disease, today announced the receipt of a grant of approximately $244,500 from the Qualifying Therapeutic Discovery Project (QTDP) Program. The $1.0 billion in funding and credits allocated to the QTDP Program is being distributed to companies with fewer than 250 employees whose research shows the greatest potential to result in new therapies that address areas of unmet medical need.

"The QTDP Program was designed to identify and support innovation.  We are pleased that they recognize the potential of our PHOENIX™ Combination Delivery System to treat the growing problem of diffuse coronary artery disease," said Paul McCormick, Executive Chairman of Cardiogenesis.  "The grant will support our clinical and regulatory objective to begin an IDE study for the PHOENIX system."

The QTDP's grants and tax credits are provided under the new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010.

Earnings Release and Investor Conference Call

As a reminder to investors, the company noted that it will release third quarter 2010 results later today at 4:10 p.m. Eastern time (1:10 p.m. Pacific time), followed by an investor conference call hosted by Paul J. McCormick, its Executive Chairman, and William R. Abbott, its Senior Vice President and Chief Financial Officer, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).

The call is open to all interested investors through a live audio broadcast via the Internet at www.cardiogenesis.com.  The call also will be available to investors and analysts by dialing (866) 783-2145 within the U.S. and Canada and (857) 350-1604 from abroad.  The passcode is 25300206.

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