Cardica Announces Shift In Focus

REDWOOD CITY, Calif., Nov. 18, 2014 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that the Cardica Board has approved management's recommendation to shift Cardica's primary focus from its controlled commercial launch of the MicroCutter XCHANGE® 30 surgical stapler to improving its performance prior to a broad commercial launch.  As a result, Cardica has temporarily suspended the controlled commercial launch and is voluntarily withdrawing its latest iteration of the MicroCutter XCHANGE 30 surgical stapler from the market (approximately 220 units) with the intention to replace them with the next generation of the MicroCutter XCHANGE 30 surgical stapler when completed.  Cardica expects surgeons to continue to use the standard MicroCutter XCHANGE 30 surgical stapler (approximately 100 units) remaining in the field but has no plans to manufacture additional standard units due to changes in the supply chain. 

Cardica initiated the controlled commercial launch to obtain feedback from surgeons on the performance of the MicroCutter XCHANGE 30.  Cardica's goal is to accelerate product improvements on the MicroCutter XCHANGE 30 before executing a broad commercial launch.  The Cardica Board is committed to creating value for its stockholders by achieving the full potential of Cardica's cutting edge technology and this shift in focus is intended to optimize the capabilities of the MicroCutter XCHANGE 30.

The Board and management are reexamining Cardica's operations to focus on conserving cash by aligning spending with its focused plan going forward.  After further analysis of Cardica's operations, including timing and budget, Cardica will provide an update to stockholders.

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 is marketed 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 52,000 units throughout the world.

To learn more about Cardica, please visit Cardica's website at www.cardica.com.

Forward-Looking Statements

The statements in this press release relating to Cardica's ability to improve the performance of the MicroCutter XCHANGE 30 surgical stapler for broad commercial launch and the ability of Cardica to align its spending with its future plans are "forward-looking statements." There are a number of important factors that could cause results to differ materially from those indicated by these forward-looking statements, including: unexpected technical difficulties may arise in the improvements of the MicroCutter XCHANGE 30 which may delay or prevent the broad commercialization of the MicroCutter XCHANGE 30; as well as other risks detailed from time to time in Cardica's reports filed with the U.S. Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2014, under the caption "Risk Factors," filed on November 12, 2014. Cardica expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. Readers are encouraged to read Cardica's reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.

SOURCE Cardica, Inc.

Related Links

http://www.cardica.com