REDWOOD CITY, Calif., Nov. 19, 2015 (GLOBE NEWSWIRE) -- Cardica, Inc. (Nasdaq:CRDC) and Broadfin Capital, LLC today announced that they have reached an agreement in principle on a number of items and continue to negotiate in good faith in an effort to end the contested election of directors at Cardica's upcoming Annual Meeting of Stockholders to be held January 29, 2016. These items include:
- Reducing the size of the Board from 8 members to 7
- Agreed-upon Board slate will consist of Julian Nikolchev, Michael Kleine, Gregory Casciaro, Samuel Navarro and William Younger plus two additional nominees to be mutually agreed upon from a short list provided by the Company to Broadfin; and
- Board slate will be finalized no later than November 27, 2015.
Contact:Bob NewellVice President, Finance and Chief Financial Officer(650) firstname.lastname@example.org