NEW YORK, Nov. 21, 2014 /PRNewswire/ -- Broadfin Capital, LLC (together with its affiliates, "Broadfin" or "we") is the beneficial owner of approximately 17.3%, on an as-converted basis, of the outstanding common and preferred stock of Cardica, Inc. (Nasdaq: CRDC) ("Cardica" or the "Company").
Over the past couple of months we have led a campaign to improve the Board of Directors of Cardica (the "Board") by electing three extremely-qualified, independent directors, Gregory D. Casciaro, R. Michael Kleine and Samuel E. Navarro to the Board in the place of long-standing incumbents, Jeffrey L. Purvin, John Simon and William H. Younger, Jr.
We are gratified that the Company announced yesterday that it will support the election of our three nominees, Messrs. Casciaro, Kleine and Navarro, to the Board at the upcoming 2014 annual meeting of Cardica's stockholders.
Kevin Kotler, Managing Partner of Broadfin stated: "The recent concession by Cardica shows the Company has accepted the soundness of our call for Board reconstitution which brings more directly relevant experience on the Board and enhanced oversight. We are pleased to see Cardica make an important step in the right direction and are gratified that we were able to serve as a catalyst for meaningful improvement. We hope our efforts will serve to foster a culture of accountability and transparency and will provide an appropriate counterbalance to management. Cardica is at a critical stage in its lifecycle, and we are more confident than ever that the Company will greatly benefit from the experience of our highly-qualified director candidates who have the requisite financial expertise and successful track records launching new products in the surgical markets."
Mr. Kotler continued: "We are disappointed that this Board opted for a unilateral decision and that shareholders were not given the opportunity to vote for the candidates they wanted, that being said we are happy to conclude this contest and shift focus to improve Cardica. However, our hope and expectation is that the remaining incumbents are not playing on internal Board dynamics to create factions on the Board and minimize the impact of Greg, Mike and Sam who have such tremendous value to add if allowed to fully engage and leverage their unmatched expertise without encumbrances."
"We are fully cognizant of our rights and responsibilities as the largest shareholder of Cardica and we intend to continue to monitor the situation closely. We would not hesitate to pursue all options available to us to do what we believe is best for all shareholders."
"We want to thank our fellow shareholders for their overwhelming support and contribution to this long overdue and healthy debate about the future of our company," concluded Mr. Kotler.
Broadfin will be sending shareholders a new proxy card that will allow shareholders to vote for Broadfin's three highly-qualified, independent candidates and the candidates who have been nominated by the Company to serve as directors.
VOTE ON THE GOLD PROXY CARD TO ELECT GREGORY CASCIARO, MICHAEL KLEINE, AND SAMUEL NAVARRO AND THE CANDIDATES WHO HAVE BEEN NOMINATED BY THE COMPANY TO SERVE AS DIRECTORS
PLEASE SIGN, DATE, AND MAIL THE ENCLOSED GOLD PROXY CARD TODAY
If you have any questions, or require assistance with your vote, please contact Georgeson Inc., toll- free at (800) 248-7690 or email: [email protected]
About Broadfin Capital:
Broadfin Capital, LLC ("Broadfin Capital") is a global equity healthcare asset manager founded in 2005. The Managing Partner and Portfolio Manager of the firm is Kevin Kotler whose career has been focused on analyzing and investing in medical technology companies. Broadfin Capital invests in all the major subsectors of the healthcare industry and has a fundamental, value-oriented investment strategy coupled with a long-term investment horizon.
Kevin Kotler, Broadfin Capital, LLC
William P. Fiske, Georgeson Inc.
Rajeev Kumar, Georgeson Inc.
SOURCE Broadfin Capital, LLC