REDWOOD CITY, Calif., Oct. 14, 2014 /PRNewswire/ -- Cardica, Inc. (Nasdaq: CRDC) today announced the appointment of William Moffitt and Gary Petersmeyer to its board of directors, effective October 10, 2014. With these appointments, the Cardica Board expanded from six to eight members, seven of whom are independent.
"After discussions with several of Cardica's major stockholders, the Board determined to add additional members that have experience running public companies during the launch of major products; Bill and Gary bring a wealth of experience leading emerging companies to commercial success," said Kevin T. Larkin, Chairman of the Cardica Board of Directors. "Both Bill and Gary share a deep understanding of our industry and exceptional track records of developing and executing commercialization strategies. We are confident that their addition to the Cardica Board will provide valuable strategic insights and perspectives."
"We are excited to join the Cardica Board to work with the board and management on the further expansion of the market opportunity for the MicroCutter XCHANGE® 30 product line, both in the U.S. and internationally, and the continued development of the XCHANGE® 45 product," said Messrs. Moffitt and Petersmeyer.
Mr. Moffitt and Mr. Petersmeyer join the existing members of the Cardica Board, each of whom has significant financial and medical device industry experience.
As a result of the Board's action, Cardica is announcing that it has extended the deadline for stockholders to notify Cardica of stockholder nominations of nominees for election to the Cardica Board at the 2014 annual meeting until October 24, 2014.
About William Moffitt
William Moffitt brings more than 35 years of experience in the medical device and diagnostics industry with a proven track record of leading corporations of all market capitalizations, public and private, in the rapid development of cutting-edge technologies and the commercialization of products and solutions that have helped shape the healthcare industry. Most recently, Mr. Moffitt served as president, CEO and director of Nanosphere, Inc., a developer, manufacturer and marketer of an advanced molecular diagnostic platform for the early detection of disease. Prior to his tenure at Nanosphere, he served as president and CEO of i-STAT Corporation, a developer, manufacturer and marketer of diagnostic products that pioneered the point-of-care blood analysis market. Mr. Moffitt led i-STAT from its early research stage to commercialization, and through its initial public offering to its premium acquisition by Abbott Laboratories. Mr. Moffitt is executive chairman of the board of GlySure, Ltd, and chairman of the board of HemoSonics, and serves on the boards of SwipeSense, Inc. and Base4. He earned his B.S. from Duke University.
About Gary Petersmeyer
Gary Petersmeyer is an experienced medical device and pharmaceutical industry executive with more than 35 years of experience and extensive expertise regarding the U.S., Asia and European markets. Currently, he serves as a consultant and mentor to senior executives in a number of private and public companies. Prior to his consultancy, he served as chairman and CEO of Aesthetics Science Corporation. Prior to Aesthetics, he served as CEO of Collagen Corporation and then Collagen Inc. until its acquisition by Inamed Corporation. Previously, he held the position of president at Pherin Pharmaceuticals and served as a senior executive in pharmaceuticals and medical devices at Syntex Pharmaceuticals. Currently, he serves on the boards of The Cooper Companies, Omnicell Corporation, and is chairman of the Positive Coaching Alliance. Mr. Petersmeyer earned his M.B.A. and M.A. from Harvard University and his B.A. from Stanford University.
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 is marketed for a wide range of surgical procedures in Europe. Cardica is developing the Cardica® MicroCutter XCHANGE® 45, a cartridge-based microcutter device that is being designed with an eight-millimeter shaft to be used in a variety of procedures, including bariatric, colorectal, thoracic and general surgery. The Cardica MicroCutter XCHANGE 45 product requires 510(k) clearance and CE Mark and is not yet commercially available in the U.S. or internationally. 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 52,000 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 2014 Annual Meeting of Stockholders. Cardica will be using a WHITE proxy card in its solicitation of proxies. 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. Stockholders may also contact McKenzie Partners with questions or requests for additional copies of the proxy materials by calling toll free at (800) 322-2885. 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.
