REDWOOD CITY, Calif.,
Oct. 16, 2015 /PRNewswire/
-- Cardica, Inc. (Nasdaq: CRDC) today announced that on
October 15, 2015, Cardica's new Chief
Executive Officer and President, Julian
Nikolchev, pursuant to the terms of his employment agreement
with Cardica, received a grant of an option to purchase 4,891,169
shares of the company's common stock, at a per share exercise price
of $0.28, the closing trading price
on October 15, 2015. The stock option
was granted pursuant to Cardica, Inc.'s Inducement Plan, which was
approved by the company's board of directors in May 2015 and amended in October 2015, under Rule 5653(c)(4) of the Nasdaq
Global Market for equity grants to induce new employees to enter
into employment with the company.
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.
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SOURCE Cardica, Inc.