NEW YORK, Dec. 12, 2014 /PRNewswire/ -- Broadfin
Capital, LLC (together with its affiliates, "Broadfin" or "we") is
the beneficial owner of approximately 17.3%, on an as-converted
basis, of the outstanding common and preferred stock of Cardica,
Inc. (Nasdaq: CRDC) ("Cardica" or the "Company").
Over the past couple of months, Broadfin led a campaign to
improve the Board of Directors of Cardica (the "Board") by electing
its three extremely-qualified, independent directors, Gregory D. Casciaro, R.
Michael Kleine and Samuel E.
Navarro to the Board.
We are happy that based on preliminary results overwhelmingly
the shareholders of the Company voted on Broadfin's gold proxy
card, following the recommendations of both leading proxy advisory
firms, Institutional Shareholder Services ("ISS") and Glass Lewis
& Co., LLC ("Glass Lewis"). By voting on our proxy card,
the shareholders of Cardica elected Messrs. Casciaro, Kleine and
Navarro with an overwhelming mandate.
Kevin Kotler, Managing Partner of
Broadfin stated: "There should be no doubt that this important vote
clearly mandated the Board to make the changes necessary at Cardica
to ensure the maximum chance for shareholder value creation. We are
pleased we were able to serve as a catalyst for meaningful
improvement of the composition of the Board. In addition to
the election of our three director candidates, the Board added
another two new directors during the course of our campaign,
resulting in a significantly refreshed and strengthened Board."
"Now that Cardica's shareholders have spoken resoundingly in
supporting and demanding this Board change, we believe that the
message to the entire Cardica Board is clear -- to immediately
enact real and positive changes for the benefit of all
stockholders. We are excited to have a revitalized Board positioned
to maximize the competitive advantages of our Company's valuable
technology at this critical stage in the Cardica's lifecycle,"
concluded Mr. Kotler.
About Broadfin Capital:
Broadfin Capital, LLC ("Broadfin Capital") is a global equity
healthcare asset manager founded in 2005. The Managing Partner and
Portfolio Manager of the firm is Kevin
Kotler whose career has been focused on analyzing and
investing in medical technology companies. Broadfin Capital invests
in all the major subsectors of the healthcare industry and has a
fundamental, value-oriented investment strategy coupled with a
long-term investment horizon.
Investor Contacts
Kevin Kotler, Broadfin Capital,
LLC
212-808-2460
Vote@broadfincapital.com
William P. Fiske, Georgeson
Inc.
201-222-4250
EnhanceCardica@georgeson.com
Rajeev Kumar, Georgeson Inc.
201-222-4226
EnhanceCardica@georgeson.com
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SOURCE Broadfin Capital, LLC