Cardica Announces New Employment Inducement Grant

REDWOOD CITY, Calif., Oct. 16, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that on October 15, 2015, Cardica's new Chief Executive Officer and President, Julian Nikolchev, pursuant to the terms of his employment agreement with Cardica, received a grant of an option to purchase 4,891,169 shares of the company's common stock, at a per share exercise price of $0.28, the closing trading price on October 15, 2015. The stock option was granted pursuant to Cardica, Inc.'s Inducement Plan, which was approved by the company's board of directors in May 2015 and amended in October 2015, under Rule 5653(c)(4) of the Nasdaq Global Market for equity grants to induce new employees to enter into employment with the company.

About Cardica

Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to reduce operating time and facilitate minimally-invasive and robot-assisted surgeries. Cardica's MicroCutter XCHANGE^® 30, a cartridge-based articulating surgical stapling device with a five-millimeter shaft diameter, is manufactured and cleared for use in a variety of gastrointestinal procedures and appendectomies in the United States, and for a wide range of surgical procedures in Europe. In addition, Cardica manufactures and markets its automated anastomosis systems, the C-Port^® Distal Anastomosis Systems and PAS-Port^® Proximal Anastomosis System for coronary artery bypass graft (CABG) surgery, and has shipped over 55,000 units throughout the world.

SOURCE Cardica, Inc.

Related Links

http://www.cardica.com