Attached files
file | filename |
---|---|
8-K - FORM 8-K - Dex Liquidating Co. | f56718e8vk.htm |
EX-10.25 - EX-10.25 - Dex Liquidating Co. | f56718exv10w25.htm |
EX-10.26 - EX-10.26 - Dex Liquidating Co. | f56718exv10w26.htm |
Exhibit 99.1
Contact:
Bob Newell
Vice President, Finance and Chief Financial Officer
(650) 331-7133
investors@cardica.com
Vice President, Finance and Chief Financial Officer
(650) 331-7133
investors@cardica.com
CARDICA AND INTUITIVE SURGICAL ENTER INTO LICENSE AGREEMENT
Redwood City, CA August 17, 2010 Cardica, Inc. (Nasdaq: CRDC) today announced that Cardica
and Intuitive Surgical, Inc. have entered into a license agreement providing Intuitive with a
worldwide, exclusive license to Cardicas intellectual property, which relates to tissue cutting,
stapling and clip appliers, for use in the robotics field. Pursuant to the license agreement,
Cardica and Intuitive may also enter into future product development agreements.
Intuitive has paid Cardica $12 million for a royalty-bearing license and equity investment in
approximately 1.25 million shares of Cardicas common stock. The license excludes vascular
anastomosis applications.
We are extremely pleased to enter into a license with Intuitive Surgical, the worldwide leader in
robotic surgery, as we believe that coupling our microcutting-stapling technology with Intuitives
minimally-invasive surgery expertise will provide better clinical outcomes for patients around the
globe, said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica, Inc.
The license agreement with Intuitive Surgical marks a major milestone for Cardica and our
Microcutter staple-on-a-strip platform, expanding the potential market reach and applicability of
our technology significantly.
Further information with respect to the license agreement and equity investment will be contained
in a Current Report on Form 8-K to be filed by Cardica with the Securities and Exchange Commission.
Conference Call Details
Cardicas management will discuss the transaction with Intuitive on its previously announced
conference call being conducted today at 4:30 p.m. Eastern Time. To access the live conference
call via phone, please dial 866-730-5765 from the United States and Canada or 857-350-1589
internationally. The conference ID is 33348662. Please dial in approximately 10 prior minutes to
the start of the call. A telephone replay will be available beginning approximately two hours
after the call through August 24, 2010, and may be accessed by dialing 888-286-8010 from the United
States and Canada or 617-801-6888 internationally. The replay passcode is 26788804.
To access the live and subsequently archived webcast of the conference call, go to the Investor
Relations section of Cardicas website at www.cardica.com. Please connect to the website at least
15 minutes prior to the presentation to allow for any necessary software downloads.
The webcast is also being distributed through the Thomson StreetEvents Network. Individual
investors can listen to the call at www.earnings.com, Thomsons individual investor portal, powered
by StreetEvents. Institutional investors can access the call via Thomson StreetEvents at
www.streetevents.com, a password-protected event management site.
About Cardica
Cardica designs and manufactures proprietary stapling and anastomotic devices for cardiac and
endoscopic surgical procedures. Cardicas technology portfolio is intended to minimize operating
time and enable minimally-invasive and robot-assisted surgeries. Cardica manufactures and markets
its automated anastomosis systems, the C-Port(R) Distal Anastomosis Systems and PAS-Port(R)
Proximal Anastomosis System, for coronary artery bypass graft (CABG) surgery and has shipped over
28,000 units throughout the world. In addition, the company is developing the Cardica Microcutter
ES8, a true multi-fire endoscopic stapling device designed to be used in a variety of procedures,
including bariatric, thoracic and general surgery.
Forward-Looking Statements
This press release contains forward-looking statements, including all statements regarding
potential additional agreements between Cardica and Intuitive and the development and sale of
products covered by the license agreement. Any statements contained in this press release that are
not historical facts may be deemed to be forward-looking statements. The words may, will,
believe and similar expressions are intended to identify forward-looking statements. There are a
number of important factors that could cause Cardicas results to differ materially from those
indicated by these forward-looking statements, including that any future products face development,
regulatory and commercialization risks and may never be developed, in which event Cardica would not
receive any further payments under the license agreement, as well as other risks detailed from time
to time in Cardicas reports filed with the U.S. Securities and Exchange Commission, including its
Quarterly Report on Form 10-Q for the quarter ended March 31, 2010. 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 Cardicas reports filed with the U.S.
Securities and Exchange Commission, available at www.sec.gov.
# # #