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 st
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