Cardica Signs National Agreement With Novation
-- MicroCutter XCHANGE® 30 Stapler Receives Innovative Technology Award From Novation --
REDWOOD CITY, Calif., Dec. 14, 2015 (GLOBE NEWSWIRE) -- Cardica, Inc. (Nasdaq:CRDC) today announced that it has entered into a three-year national agreement with Novation, a leading health care services company which serves members and affiliates of VHA, UHC, Children’s Hospital Association and Provista LLC. The national contract for the MicroCutter XCHANGE® 30 Stapler is effective November 1, 2015.
This agreement was reached after the MicroCutter XCHANGE 30 earned Novation’s coveted Innovative Technology award. Only provided to a small portion of products, this award identifies recipients such as the MicroCutter XCHANGE 30 as improving patient care and differentiated from existing surgical products. As part of the selection process, the MicroCutter XCHANGE 30 was reviewed by clinicians from hospital-member councils and was found to have an incremental benefit to patient care or reduce the risk of harm to patients and care givers.
“As we continue to operate in an increasingly complex healthcare environment, securing a national contract with Novation provides Cardica an opportunity to effectively promote a technology that has been recognized as providing incremental benefit by peer clinicians,” said Liam Burns, vice president, global sales and marketing for Cardica. “With this agreement in place, members served by Novation will be able to quickly navigate the purchasing process with a designated contracting pathway within their hospitals and health systems.”
The MicroCutter XCHANGE 30, the world’s first and only five-millimeter surgical stapler that articulates to 80 degrees, is a cartridge-based, minimally-invasive surgical stapling system. The small size and large degree of articulation enhances the surgeon’s access and visualization at the surgical site. This device is designed to mitigate limitations on the advancement of minimally invasive surgical approaches created by larger stapling devices. As the smallest profile articulating stapler available today, the MicroCutter XCHANGE 30 may reduce the amount of dissection and tissue handling required to position the stapler in confined spaces, enabling better access to difficult to reach anatomy.
“We are honored to receive the Innovative Technology award from Novation, as we believe it highlights the cutting-edge nature of the MicroCutter technology with the potential to improve clinical outcomes for patients undergoing many different types of minimally invasive surgical procedures,” said Julian Nikolchev, president and CEO of Cardica. “We look forward to working with some of the foremost and innovative surgeons in the United States through this agreement with Novation.”
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 56,500 units throughout the world.
The statements in this press release regarding Cardica’s beliefs as to the benefits to Cardica and members and affiliates of VHA, UHC, Children’s Hospital Association and Provista LLC served by Novation from the National Agreement, as well as the benefits expected to be obtained from the use of the MicroCutter XCHANGE® 30, are "forward-looking statements." There are a number of important factors that could cause results to differ materially from those indicated by these forward-looking statements, including: that Cardica may not be successful in its efforts to make the improvements necessary to its enhanced MicroCutter device due to unanticipated technical or other difficulties; risks inherent in obtaining regulatory approvals; as well as other risks detailed from time to time in Cardica’s reports filed with the U.S. Securities and Exchange Commission, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2015, under the caption “Risk Factors,” filed on November 12, 2015. Cardica expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein. You are encouraged to read Cardica’s reports filed with the U.S. Securities and Exchange Commission, available at www.sec.gov.
Bob Newell Vice President, Finance and Chief Financial Officer (650) 331-7133 email@example.com