REDWOOD CITY, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Cardica, Inc. today announced that the underwriters of its initial public offering of 3,500,000 shares of common stock have exercised their over- allotment option, purchasing 200,000 additional shares of common stock. Including the over-allotment shares purchased, the offering totaled 3,700,000 shares at the public offering price of $10.00 per share, resulting in net proceeds to the company of approximately $32.6 million after deducting underwriting discounts and offering expenses.
A.G. Edwards was the sole book-running manager. Allen & Company LLC was co-lead manager and Montgomery & Co., LLC was a co-manager.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A final prospectus relating to these securities was declared effective by the Securities and Exchange Commission on February 6, 2006. This offering is only being made by means of a prospectus. Copies of the final prospectus may be obtained from A.G. Edwards, One North Jefferson Avenue, St. Louis, Missouri 63103 (telephone number: (314) 955-3000).
About Cardica
Cardica, Inc. designs and manufactures proprietary automated anastomotic systems used by surgeons to perform coronary artery bypass graft (CABG) surgery. Cardica’s first two products are the C-Port(R) Distal Anastomosis System (C-Port) and the PAS-Port(R) Proximal Anastomosis System (PAS-Port). Our C-Port system received the European Union’s CE Mark in April 2004 and 510(k) clearance from the U.S. Food and Drug Administration in November 2005. Our PAS-Port system received the CE Mark in March 2003 and regulatory approval in Japan in January 2004.
Cardica, Inc.
CONTACT: Robert Y. Newell, Vice President, Finance & Operations, ChiefFinancial Officer of Cardica, Inc., +1-650-331-7166, orinvestors@cardica.com; or Daryl Messinger of WeissComm Partners, Inc.,+1-415-999-2361, or daryl@weisscommpartners.com, for Cardica, Inc.
