This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cardica Achieves Milestone Under Century Distribution Agreement

REDWOOD CITY, Calif., Sept. 22, 2011 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that it has achieved the first MicroCutter™ milestone under its distribution agreement and loan commitment with Century Medical, allowing Cardica to draw the first $2 million of an up to $4 million loan commitment from Century.

"We are pleased to have achieved this milestone within two weeks after signing the original agreement, bringing us access to additional capital as we continue to work with a select group of surgeons in Europe to gain initial experience and feedback for our MicroCutter XPRESS™ 30," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "We continue to believe Century is the right distribution partner for our MicroCutter product line in Japan, and look forward to a positive ongoing collaboration ahead."

Under the terms of the agreement, which was announced earlier this month, the balance of all amounts drawn by Cardica will be due in September 2016, subject to certain conditions. Cardica expects to achieve the second milestone, which would enable Cardica to access additional amounts under the loan facility with Century, within the next several months.

About Cardica

Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and laparoscopic surgical procedures. Cardica's technology portfolio is intended to minimize operating time and enable minimally-invasive and robot-assisted surgeries. 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 36,000 units throughout the world. In addition, Cardica is developing the Cardica MicroCutter XPRESS™ 30, a true multi-fire laparoscopic stapling device designed to be used in a variety of procedures, including bariatric, colorectal, thoracic and general surgery. The Cardica MicroCutter products require 510(k) review and are not yet commercially available in the U.S. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,528.23 -114.78 -0.69%
S&P 500 1,976.23 -12.64 -0.64%
NASDAQ 4,783.4690 -44.8560 -0.93%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs