Cardica (CRDC) Announces Second Milestone Under Century Distribution Agreement
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Cardica, Inc. (Nasdaq: CRDC) today announced the completion of its second MicroCutter milestone under its distribution agreement and loan commitment with Century Medical. This allows Cardica to draw the remaining $2 million of the $4 million loan commitment from Century. Under the terms of the agreement, which was announced in September 2011, the balance of all amounts drawn by Cardica will be due in September 2016, subject to certain conditions.
"Century continues to be an excellent, reliable partner for distribution of our PAS-Port® System in Japan, and we believe, particularly because of their expertise and past experience distributing Autosuture staplers for many years, they will be an ideal partner for our MicroCutter products in Japan," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "The achievement of this milestone provides us with access to additional capital as we prepare for product introductions, and demonstrates our continued commitment to bring our proprietary stapling and miniaturization technology to the surgical stapling market."
"Century continues to be an excellent, reliable partner for distribution of our PAS-Port® System in Japan, and we believe, particularly because of their expertise and past experience distributing Autosuture staplers for many years, they will be an ideal partner for our MicroCutter products in Japan," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica. "The achievement of this milestone provides us with access to additional capital as we prepare for product introductions, and demonstrates our continued commitment to bring our proprietary stapling and miniaturization technology to the surgical stapling market."
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