REDWOOD CITY, Calif.,
Nov. 24, 2014 /PRNewswire/ --
Cardica, Inc. (Nasdaq: CRDC) today issued the following
statement regarding its 2014 Annual Meeting of Stockholders:
Cardica's Board of Directors is pleased that Broadfin Capital
LLC ("Broadfin") has decided to work constructively with Cardica by
ending the proxy contest and has instead decided to support the
five nominees on Cardica's slate for election to the Board of
Directors. After the 2014 Annual Meeting, Cardica's Board of
Directors will be comprised of Cardica's slate of five nominees and
Broadfin's director nominees.
Cardica greatly appreciates the work of its existing Board
members who form a strong Board of Directors overseeing management
in solving the many challenges of a company developing innovative
technical products. Now, the best course of action is to
welcome the Broadfin director nominees and move forward, devoting
Cardica's resources and attention to improving the performance of
the MicroCutter XCHANGE 30®. Cardica is now able to
proceed with the actions the Board announced on November 18, 2014 and then Broadfin's
announcement on Friday, November 21,
2014.
The Board is confident that its continuing directors will work
constructively with Broadfin's director nominees following the
annual meeting to achieve the mutual goal of creating stockholder
value for all Cardica stockholders.
Cardica has or will be sending to its stockholders a new proxy
card that will only have the names of Cardica's five nominees who
are continuing to stand for reelection: Bernard A. Hausen, M.D., Ph.D.; William P. Moffitt, III; Gary S. Petersmeyer; John Simon, Ph.D.; and William H. Younger, Jr. Stockholders who
have already voted their proxy card do not need to vote again, and
their votes with respect to Messrs. Kevin
T. Larkin, Richard P. Powers
and Jeffrey L. Purvin will simply
have no effect.
Important Information
Cardica has filed
with the Securities and Exchange Commission (the "SEC") and mailed
to stockholders a definitive proxy statement relating to Cardica's
2014 Annual Meeting of Stockholders. Stockholders are urged to read
the proxy statement and any related documents when they become
available as they contain important information. Stockholders may
obtain free copies of these documents and other documents filed
with the SEC by Cardica at the SEC's website at
www.sec.gov. These documents can also be obtained free of
charge from Cardica's website at www.cardica.com.
Stockholders may also contact McKenzie Partners with questions or
requests for additional copies of the proxy materials by calling
toll free at (800) 322-2885. Cardica's directors and certain of its
executive officers may be deemed to be participants in the
solicitation of proxies from stockholders. Information regarding
the names and special interests of these directors and executive
officers in proxy solicitation is or will be included in the proxy
statement described above.
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SOURCE Cardica, Inc.