REDWOOD CITY, Calif.,
Aug. 6, 2015 /PRNewswire/ -- Cardica,
Inc. (Nasdaq: CRDC) today announced that Bernard A. Hausen, M.D., Ph.D., has informed the
Board of Directors that after more than 15 years leading the
company, he will step down as chief executive officer, president
and as a member of the Board of Directors. By request of the
company, Dr. Hausen has agreed to stay on in his current roles
while the Board of Directors conducts a search for a new CEO as
well as to provide a period of time to transition his duties to the
new CEO. At the present time, the Board of Directors believes the
transition period will be completed by December 31, 2015.
"From the time he co-founded the company, Bernard has led the
company through the development and launch of several
groundbreaking anastomosis and surgical stapling devices, with more
than 60,000 devices shipped worldwide," said Gary Petersmeyer, chairman of Cardica's Board of
Directors. "In addition, Bernard is committed to working closely
with the executive team to achieve the near term goals outlined for
the MicroCutter technology. The board is very thankful and
appreciative of Bernard's long standing dedication to improving
surgical devices and patient outcomes."
"Fifteen years after co-founding the company and serving as CEO,
I am exceptionally proud of all we have learned and accomplished,"
commented Dr. Hausen. "I am confident in Cardica's long-term
outlook and truly believe that the company is well on its way to
perfecting its revolutionary stapling technology, and poised to
achieve commercial success with its MicroCutter XCHANGE®
30 device, which is capable of addressing new markets not
accessible with conventional surgical stapling technology
today."
About Cardica
Cardica designs and manufactures proprietary stapling and
anastomotic devices for cardiac and laparoscopic surgical
procedures. Cardica's technology portfolio is intended to
reduce operating time and facilitate minimally-invasive and
robot-assisted surgeries. Cardica's MicroCutter XCHANGE®
30, a cartridge-based articulating surgical stapling device with a
five-millimeter shaft diameter, is manufactured and cleared for use
in a variety of gastrointestinal procedures and appendectomies in
the United States, and for a wide
range of surgical procedures in Europe. In addition, Cardica manufactures and
markets its automated anastomosis systems, the C-Port®
Distal Anastomosis Systems and PAS-Port® Proximal
Anastomosis System for coronary artery bypass graft (CABG) surgery,
and has shipped over 55,000 units throughout the world.
Forward-Looking Statements
The statements in this press release regarding Dr. Hausen's and
Cardica's beliefs as to the potential of Cardica's MicroCutter
device are "forward-looking statements." There are a number of
important factors that could cause Cardica's results to differ
materially from those indicated by these forward-looking
statements, including: that Cardica may not be successful in its
efforts to make the improvements necessary to its enhanced
MicroCutter device due to unanticipated technical or other
difficulties; risks inherent in obtaining regulatory approvals; as
well as other risks detailed from time to time in Cardica's reports
filed with the U.S. Securities and Exchange Commission, including
its Quarterly Report on Form 10-Q for the quarter ended March
31, 2015, under the caption "Risk Factors," filed on May 12, 2015. Cardica expressly disclaims any
obligation or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein. You
are encouraged to read Cardica's reports filed with the U.S.
Securities and Exchange Commission, available at
www.sec.gov.
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SOURCE Cardica, Inc.