Cardica Announces Leadership Transition

REDWOOD CITY, Calif., Aug. 6, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that Bernard A. Hausen, M.D., Ph.D., has informed the Board of Directors that after more than 15 years leading the company, he will step down as chief executive officer, president and as a member of the Board of Directors. By request of the company, Dr. Hausen has agreed to stay on in his current roles while the Board of Directors conducts a search for a new CEO as well as to provide a period of time to transition his duties to the new CEO. At the present time, the Board of Directors believes the transition period will be completed by December 31, 2015.

"From the time he co-founded the company, Bernard has led the company through the development and launch of several groundbreaking anastomosis and surgical stapling devices, with more than 60,000 devices shipped worldwide," said Gary Petersmeyer, chairman of Cardica's Board of Directors. "In addition, Bernard is committed to working closely with the executive team to achieve the near term goals outlined for the MicroCutter technology.  The board is very thankful and appreciative of Bernard's long standing dedication to improving surgical devices and patient outcomes."

"Fifteen years after co-founding the company and serving as CEO, I am exceptionally proud of all we have learned and accomplished," commented Dr. Hausen. "I am confident in Cardica's long-term outlook and truly believe that the company is well on its way to perfecting its revolutionary stapling technology, and poised to achieve commercial success with its MicroCutter XCHANGE® 30 device, which is capable of addressing new markets not accessible with conventional surgical stapling technology today."

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 Dr. Hausen's and Cardica's beliefs as to the potential of Cardica's 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 Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, under the caption "Risk Factors," filed on May 12, 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.  

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SOURCE Cardica, Inc.