Cardica Postpones Annual Meeting Of Stockholders
REDWOOD CITY, Calif., Oct. 5, 2015 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced that the its Board of Directors has revised the date for its upcoming annual meeting of stockholders to be January 29, 2016. The Board of Directors took this action in connection with the Board's appointment of Julian Nikolchev as Cardica's new chief executive officer.
"The Board of Directors (one dissent; one abstention) has revised the date for Cardica's upcoming annual meeting to allow our new chief executive officer, Julian Nikolchev, time to evaluate our operating plan and budget, assume leadership of Cardica and determine the most important priorities of the company," said Gary Petersmeyer, Cardica's Chairman of the Board. "This will also enable the Cardica Board to finalize its proposed slate of directors to represent the interests of all of the stockholders of Cardica. We understand the urgency of our situation, given the impending proxy contest by Broadfin, but ask that our stockholders understand and appreciate our desire and best efforts to put in place a stable, long-term solution for the benefit of all stockholders."
In connection with the revision of the date for Cardica's upcoming annual meeting, the Cardica Board of Directors established the record date for the annual meeting to be December 2, 2015.
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.
Important Information
Cardica intends to file with the Securities and Exchange Commission (the "SEC") and expects to mail to stockholders a proxy statement relating to Cardica's 2015 Annual Meeting of Stockholders. Stockholders are urged to read the proxy statement and any related documents when they become available as they contain important information. Stockholders may obtain free copies of these documents and other documents filed with the SEC by Cardica at the SEC's website at www.sec.gov. These documents can also be obtained free of charge from Cardica's website at www.cardica.com. Cardica's directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from stockholders. Information regarding the names and special interests of these directors and executive officers in proxy solicitation will be included in the proxy statement described above.
SOURCE Cardica, Inc.
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