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Cardiva Medical, Inc. Announces Departure of Founder and CEO, Augustine Lien


3/3/2010 7:05:55 AM

SUNNYVALE, Calif., March 2 /PRNewswire/ -- Cardiva Medical, Inc. announced today that Founder and CEO Augustine Lien has resigned effective March 5. The company's Board of Directors has appointed Rick Anderson, appointed Chairman of the Board in October 2009, to serve as interim CEO. Mr. Lien will remain a member of the Board of Directors.

Mr. Lien founded Cardiva in 2003 and then has led the company for the past 7 years as Chairman and CEO. During that time, Cardiva has launched three highly innovative vascular closure products and grown to over 75 employees. "I owe a sincere thank you to the outstanding employees of Cardiva and to our customers who believe in what we do and embrace our technology," said Lien.

Rick Anderson said, "We are appreciative of Augie's leadership and entrepreneurial spirit that has focused on patients and customers. The strength of the company's Catalyst business and our new product development programs are well established, and I am confident the team Augie built will take Cardiva to the next level."

Mr. Anderson is Managing Partner at PTV Sciences, a healthcare venture capital and growth equity firm he joined in 2008. Prior to PTV Sciences, Rick was Company Group Chairman, Johnson & Johnson, and Worldwide Franchise Chairman, Cordis Corporation. Mr. Anderson is currently serving as a director on the boards of Cameron Health, InSite Vision (OTC Bulletin Board:INSV.ob - News), and Tryton Medical, and serves as Chairman of the Board for Cardiva Medical, and IDEV Technologies.

About Cardiva Medical, Inc

Cardiva Medical, Inc. is a privately-held medical device company that designs, develops and commercializes endovascular products which help the body heal itself following percutaneous procedures. In 2005, Cardiva launched its first product into the vessel closure market, the Boomerang® Wire System, which demonstrated unsurpassed ease-of-use and safety. In January 2008, Cardiva launched the Cardiva Catalyst™ II, which incorporates hemostatic agents to accelerate the body's own coagulation pathway; quickly facilitating hemostasis at the arteriotomy site, preserving the artery and leaving absolutely nothing behind in the patient. In May 2009, Cardiva launched the Catalyst III system that is coated with protamine sulfate, a drug which neutralizes heparin in the tissue tract and facilitates quick and efficient vessel closure in patients undergoing anticoagulation with heparin. The Catalyst III system is indicated for use in heparinized patients undergoing diagnostic and/or interventional femoral artery catheterization procedures using 5F, 6F or 7F introducer sheaths.

For additional information about Cardiva, please visit our website at www.cardivamedical.com.

Cardiva Catalyst, Boomerang and Boomerang Catalyst are trademarks/registered trademarks of Cardiva Medical, Inc.

Media Contact:

Malcolm Farnsworth Chief Financial Officer Cardiva Medical, Inc. Phone: 480.470.7103 Mac_Farnsworth@cardivamedical.com

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