Cardiogenesis Receives Research Award From Federal Government

IRVINE, Calif., Nov. 3, 2010 /PRNewswire-FirstCall/ -- Cardiogenesis Corporation (OTCQB: CGCP), a leading developer of surgical products used in the treatment of diffuse coronary artery disease, today announced the receipt of a grant of approximately $244,500 from the Qualifying Therapeutic Discovery Project (QTDP) Program. The $1.0 billion in funding and credits allocated to the QTDP Program is being distributed to companies with fewer than 250 employees whose research shows the greatest potential to result in new therapies that address areas of unmet medical need.

"The QTDP Program was designed to identify and support innovation.  We are pleased that they recognize the potential of our PHOENIX™ Combination Delivery System to treat the growing problem of diffuse coronary artery disease," said Paul McCormick, Executive Chairman of Cardiogenesis.  "The grant will support our clinical and regulatory objective to begin an IDE study for the PHOENIX system."

The QTDP's grants and tax credits are provided under the new section 48D of the Internal Revenue Code (IRC), enacted as part of the Patient Protection and Affordable Care Act of 2010.

Earnings Release and Investor Conference Call

As a reminder to investors, the company noted that it will release third quarter 2010 results later today at 4:10 p.m. Eastern time (1:10 p.m. Pacific time), followed by an investor conference call hosted by Paul J. McCormick, its Executive Chairman, and William R. Abbott, its Senior Vice President and Chief Financial Officer, at 5:00 p.m. Eastern time (2:00 p.m. Pacific time).

The call is open to all interested investors through a live audio broadcast via the Internet at www.cardiogenesis.com.  The call also will be available to investors and analysts by dialing (866) 783-2145 within the U.S. and Canada and (857) 350-1604 from abroad.  The passcode is 25300206.

About Cardiogenesis Corporation

Cardiogenesis is a medical device company specializing in the treatment of cardiovascular disease and is a leader in devices that treat severe angina.  Our market leading holmium:YAG laser system and single use fiber-optic delivery systems are used to perform a FDA-cleared surgical procedure known as Transmyocardial Revascularization (TMR).

For more information on Cardiogenesis and its products, please visit our website at www.cardiogenesis.com.

Safe Harbor Statement

This press release contains forward-looking statements, including, without limitation, with respect to the Company's expectation to begin a U.S. clinical trial of the Company's PHOENIX™ Combination Delivery System.  Any forward-looking statements in this news release are subject to numerous risks and uncertainties, many of which are outside the Company's control, that could cause actual results to differ materially.  Factors that could affect the accuracy of these forward-looking statements include, but are not limited to: any inability by the Company to sustain profitable operations or obtain additional financing on favorable terms if and when needed; any failure to obtain required regulatory approvals; failure of the medical community to expand its acceptance of TMR procedures; possible adverse governmental rulings or regulations, including any FDA regulations or rulings; the Company's ability to comply with international and domestic regulatory requirements; possible adverse Medicare or other third-party reimbursement policies or adverse changes in those policies; any inability by the Company to ship product on a timely basis; the Company's ability to manage its growth; the effects of recent disruptions in global credit and equity markets and other adverse economic developments that could adversely affect the market for our products or our ability to raise needed financing; actions by our competitors; and the Company's ability to protect its intellectual property.  Other factors that could cause Cardiogenesis' actual results to differ materially are discussed in the "Risk Factors" section of the Company's Annual Report on Form 10-K for the year ended December 31, 2009 and the Company's other filings with the Securities and Exchange Commission.  The Company disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release.

SOURCE Cardiogenesis Corporation