Cardica Appoints Experienced Medical Device Executive Julian Nikolchev As President And Chief Executive Officer
REDWOOD CITY, Calif., Oct. 5, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced the appointment of Julian Nikolchev as president, chief executive officer and a member of the Cardica board of directors, effective October 15, 2015. Mr. Nikolchev succeeds Bernard A. Hausen, M.D., Ph.D., who cofounded Cardica and served as president and chief executive officer since 2000 and who announced that he was stepping down from his positions in August 2015.
"Julian brings extensive experience leading medical device companies from development through commercialization, establishing leading brands in the marketplace and ultimately achieving commercial and strategic goals," said Gary Petersmeyer, chairman of the board of directors for Cardica. "His broad knowledge of the medical device market adds to his deep technical understanding and appreciation of the engineering necessary to maximize the potential for the MicroCutter XCHANGE® 30 and future products. We believe he is the right person to lead the company through its next phase of growth."
"Our board also greatly appreciates Dr. Hausen's drive for innovation, his fifteen years of service for Cardica and constant efforts to achieve better proprietary stapling technology for our industry."
Mr. Nikolchev brings more than 30 years of medical device experience to Cardica. Previously, he served as founder, CEO and chief technology officer of Pivot Medical (now part of Stryker Sports Medicine) where he directed the transition from development enterprise to a full commercial organization with the leading brand in the fastest growing orthopedic market segment. He joined Pivot Medical while serving as a venture partner at Frazier Healthcare Ventures. Before Frazier, he served as founder, president and CEO of CardioMind (sold to Biosensors International) and previously as president and CEO of Pro*Duct Health (sold to Cytyc). Prior to Pro*Duct Health, he served as manager of the new venture group at Target Therapeutics, where he subsequently founded Conceptus (sold to Bayer AG in 2014) and served as founder and chief technology officer for many years. Prior to his tenure leading medical device companies, Mr. Nikolchev served in a variety of escalating management positions within engineering organizations. He holds B.S. and M.S. degrees in Mechanical Engineering from Stanford University and a M.S. degree in Management of Technology from the Massachusetts Institute of Technology. He is the author of numerous papers on technology commercialization and new technology development and an inventor and co-inventor on more than 35 issued or pending patents.
"I am delighted to join Cardica at this pivotal time in the company's history, and look forward to addressing the challenges ahead while driving the company towards commercial success, building on the solid foundation established by Dr. Hausen and the dedicated team at Cardica," commented Mr. Nikolchev. "I believe there is a tremendous opportunity to leverage the unique features and benefits of the MicroCutter XCHANGE® 30 to establish a market-leading product line in the United States and internationally."
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.
Forward-Looking Statements
The statements in this press release regarding expectations as to the potential of the MicroCutter device are "forward-looking statements." There are a number of important factors that could cause Cardica's results to differ materially from those indicated by these forward-looking statements, including: that Cardica may not be successful in its efforts to make the improvements necessary to its enhanced MicroCutter device due to unanticipated technical or other difficulties; risks inherent in obtaining regulatory approvals; 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 Annual Report on Form 10-K for the year ended June 30, 2015, under the caption "Risk Factors," filed on September 25, 2015. Cardica expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Cardica's reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.
SOURCE Cardica, Inc.
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