Cardica Receives $2 Million Payment From Cook Medical for Successful Completion of Multiple Milestones

Cardica Attains Fourth Milestone in Vascular Closure Device Collaboration Agreement and Completes Initial Development Milestone for Device to RepairHeart Defects -

REDWOOD CITY, Calif., Jan. 7 /PRNewswire-FirstCall/ -- Cardica, Inc.(Nasdaq: CRDC) today announced that it has received nearly $2 million inpayments from Cook Medical (Cook) for the achievement of significantmilestones pursuant to its development agreements with Cook. Cardica receivedthe fourth and final milestone payment of $500,000 for the delivery of theCook Vascular Closure Device (CVCD), an innovative automated system designedto close access openings in femoral arteries after interventional vascularprocedures. Cook also paid $1.3 million to Cardica for the successfulcompletion of the first phase of design and development of a specializeddevice designed to close holes in the heart known as patent foramen ovales(PFO), genetic heart defects.

press release >> http://www.reuters.com/article/pressRelease/idUS107166+07-Jan-2008+PRN20080107