Cardica Prices Public Offering Of Common Stock
REDWOOD CITY, Calif., March 15, 2013
REDWOOD CITY, Calif., March 15, 2013 /PRNewswire/ --Cardica, Inc. (Nasdaq:
CRDC) today announced the pricing of an underwritten public offering of
14,251,368 shares of its common stock, offered at a price to the public of
$1.05 per share. The gross proceeds to Cardica from this offering are expected
to be $14.96 million, before deducting underwriting discounts and commissions
and other estimated offering expenses payable by Cardica. The offering is
expected to close on or about March 20, 2013, subject to customary closing
conditions. Cardica anticipates using the net proceeds from the offering for
general corporate purposes, which may include the costs of research and
development activities, and general and administrative and manufacturing
Wedbush PacGrow Life Sciences is acting as sole manager for the offering.
The shares described above are being offered by Cardica pursuant to a shelf
registration statement previously filed with the Securities and Exchange
Commission (the "SEC"), which the SEC declared effective on February 7, 2011.
The preliminary prospectus supplement is available for free by visiting EDGAR
on the SEC's website located at www.sec.gov. Copies of the preliminary
prospectus supplement and accompanying prospectus may also be obtained from
the offices of Wedbush Securities Inc., One Bush Street, 17th Floor, San
Francisco, CA 94104, Attn: ECM Prospectus Department, by calling 415-274-6819
or by email at email@example.com.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy these shares, nor shall there be any sale of these shares
in any state or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
Cardicadesigns and manufactures proprietary stapling and anastomotic devices
for cardiac and laparoscopic surgical procedures.
Statements contained in this press release regarding Cardica's expectations
with respect to the completion, timing and size of its public offering are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995. Because such statements are subject to risks
and uncertainties, actual results may differ materially from those expressed
or implied by such forward-looking statements. Risks that contribute to the
uncertain nature of the forward-looking statements include, among others,
risks associated with market conditions and the satisfaction of customary
closing conditions related to the public offering. There can be no assurance
that Cardica will be able to complete the public offering on the anticipated
terms, or at all. Other risks and uncertainties relating to Cardica are
described more fully under the headings "Risk Factors" in Cardica's most
recently filed SEC documents, including its Quarterly Report on Form 10-Q for
the quarter ended December 31, 2012. All forward-looking statements contained
in this press release speak only as of the date on which they were made.
Cardica undertakes no obligation to update such statements to reflect events
that occur or circumstances that exist after the date on which they were made.
SOURCE Cardica, Inc.
Contact: Bob Newell, Vice President, Finance and Chief Financial Officer,
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