REDWOOD CITY, Calif., Dec. 10 /PRNewswire-FirstCall/ -- Cardica, Inc. today announced the partial exercise of the over-allotment option granted to the underwriters of Cardica’s November 2007 underwritten public offering. The underwriters exercised their option to purchase 481,170 shares of common stock from Cardica at a purchase price of $8.00 per share.
William Blair & Company, L.L.C. acted as the sole book-running manager of the offering. Allen & Company LLC, Needham & Company, LLC and Merriman Curhan Ford & Co. acted as co-managers of the offering.
These shares are being issued pursuant to an effective shelf registration statement. This press release does not constitute an offer to sell or a solicitation of an offer to buy nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering is being made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. Printed copies of the final prospectus supplement and base prospectus relating to the offering may be obtained from William Blair & Company, L.L.C., Prospectus Department, 222 West Adams Street, Chicago, Illinois 60606, (312) 236-1600. Cardica has filed a final prospectus supplement relating to the offering with the SEC, which is available along with the base prospectus filed with the SEC in connection with the shelf registration on the SEC’s website at http://www.sec.gov/.
About Cardica
Cardica is a leading provider of automated anastomosis systems for coronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutures with easy-to-use automated systems, Cardica provides cardiovascular surgeons with rapid, reliable and consistently reproducible anastomoses, or connections of blood vessels, often considered the most critical aspect of the CABG procedure. Cardica’s C-Port(R) Distal Anastomosis Systems are marketed in Europe and the United States. The PAS-Port(R) Proximal Anastomosis System is marketed in Europe and Japan and is being evaluated in a pivotal trial in the United States and Europe. Cardica also is developing additional devices with Cook Incorporated to facilitate vascular closure and other surgical procedures.
Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to Cardica’s expectations regarding the closing of the purchase of the shares pursuant to the exercise of the over-allotment option. These statements are subject to significant risks and uncertainties and actual results could differ materially from those projected; accordingly, Cardica cautions investors not to place undue reliance on the forward-looking statements contained in this release. These risks and uncertainties include, without limitation, risks and uncertainties related to satisfaction of customary closing conditions related to the over-allotment option. There can be no assurance that the closing of the purchase of the shares pursuant to the exercise of the over-allotment option will occur. Cardica will need substantial additional funding and may be unable to raise capital when needed, which would force it to delay, reduce or eliminate its research and development programs or commercialization efforts. Additional risks and uncertainties relating to Cardica and its business can be found in the “Risk Factors” section of Cardica’s Form 10-Q for its fiscal quarter ended September 30, 2007, and in the prospectus supplement related to the offering filed with the SEC. Cardica undertakes no duty or obligation to update any forward- looking statements contained in this release as a result of new information, future events or changes in Cardica’s expectations.
CONTACT: Bob Newell, Vice President, Finance and Operations, Chief
Financial Officer of Cardica, Inc., +1-650-331-7133, investors@cardica.com;
or Daryl Messinger of WeissComm Partners, Inc., +1-415-999-2361,
dmessinger@wcpglobal.com, for Cardica, Inc.
