REDWOOD CITY, Calif.,
Oct. 5, 2015 /PRNewswire/
-- Cardica, Inc. (Nasdaq: CRDC) today announced the
appointment of Julian Nikolchev as
president, chief executive officer and a member of the Cardica
board of directors, effective October 15,
2015. Mr. Nikolchev succeeds Bernard
A. Hausen, M.D., Ph.D., who cofounded Cardica and served as
president and chief executive officer since 2000 and who announced
that he was stepping down from his positions in August 2015.
"Julian brings extensive experience leading medical device
companies from development through commercialization, establishing
leading brands in the marketplace and ultimately achieving
commercial and strategic goals," said Gary
Petersmeyer, chairman of the board of directors for Cardica.
"His broad knowledge of the medical device market adds to his deep
technical understanding and appreciation of the engineering
necessary to maximize the potential for the MicroCutter
XCHANGE® 30 and future products. We believe he is the
right person to lead the company through its next phase of
growth."
"Our board also greatly appreciates Dr. Hausen's drive for
innovation, his fifteen years of service for Cardica and constant
efforts to achieve better proprietary stapling technology for our
industry."
Mr. Nikolchev brings more than 30 years of medical device
experience to Cardica. Previously, he served as founder, CEO and
chief technology officer of Pivot Medical (now part of Stryker Sports Medicine) where he directed the
transition from development enterprise to a full commercial
organization with the leading brand in the fastest growing
orthopedic market segment. He joined Pivot Medical while serving as
a venture partner at Frazier Healthcare Ventures. Before Frazier,
he served as founder, president and CEO of CardioMind (sold to
Biosensors International) and previously as president and CEO of
Pro*Duct Health (sold to Cytyc). Prior to Pro*Duct Health, he
served as manager of the new venture group at Target Therapeutics,
where he subsequently founded Conceptus (sold to Bayer AG in 2014)
and served as founder and chief technology officer for many years.
Prior to his tenure leading medical device companies, Mr. Nikolchev
served in a variety of escalating management positions within
engineering organizations. He holds B.S. and M.S. degrees in
Mechanical Engineering from Stanford
University and a M.S. degree in Management of Technology
from the Massachusetts Institute of
Technology. He is the author of numerous papers on
technology commercialization and new technology development and an
inventor and co-inventor on more than 35 issued or pending
patents.
"I am delighted to join Cardica at this pivotal time in the
company's history, and look forward to addressing the challenges
ahead while driving the company towards commercial success,
building on the solid foundation established by Dr. Hausen and the
dedicated team at Cardica," commented Mr. Nikolchev. "I believe
there is a tremendous opportunity to leverage the unique features
and benefits of the MicroCutter XCHANGE® 30 to establish
a market-leading product line in the
United States and internationally."
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 expectations as
to the potential of the 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 Annual Report on Form 10-K for the year
ended June 30, 2015, under the caption "Risk Factors," filed
on September 25, 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.