Cardica Changes Company Name to Dextera Surgical
June 20 2016 - 09:00AM
Cardica, Inc. (Nasdaq:CRDC), manufacturer of the smallest-profile
and most maneuverable articulating surgical stapling platform on
the market for minimally invasive surgery, today announced that the
company has changed its name to Dextera Surgical Inc. The company’s
Nasdaq ticker symbol also will be changing, with its common stock
to begin trading under the new ticker symbol “DXTR,” effective
Wednesday, June 22.
The new name reflects an evolution for the device company.
Dextera’s MicroCutter surgical stapling technology portfolio
enables the advancement of minimally invasive and robotic-assisted
surgery across a wide variety of clinical applications, broadening
the company’s focus beyond its anastomotic product lines originally
introduced for use in cardiac surgery.
“Today, we are helping to advance minimally invasive surgery
around the world, with products that are helping surgeons operate
more effectively in tight spaces through smaller incisions,” said
Julian Nikolchev, president and CEO of Dextera. “Our newest
technology is making an impact for patients in lung surgery,
pediatric procedures and beyond, and the strategic focus of our
business has expanded much further than the cardiac products for
which our company was originally named. With a new management team
and a clear vision forward, we’ve evolved as a company, and we
think it’s time our name did too.”
“We love the name Dextera,” Nikolchev continued. “It’s
inspired by the word ‘dexterity,’ which emphasizes skill,
expertise, agility and finesse. These are qualities we see in our
employees, our products and the surgeons who are advancing
minimally invasive surgery through the use of smaller, more
maneuverable stapling technology.”
It will take several weeks for all company materials,
MicroCutter products and packaging to fully transition to the
Dextera Surgical brand. During this time, some materials in some
countries may continue to reference the Cardica name and logo.
The company’s automated anastomosis systems, the C-Port® Distal
Anastomosis Systems and PAS-Port® Proximal Anastomosis System for
coronary artery bypass graft (CABG) surgery, will continue to be
marketed and sold by Dextera under the Cardica brand name. These
products have demonstrated long-term reliable clinical performance
and remain the only automated anastomosis devices for CABG surgery
on the market today.
More information about Dextera can be found on the company’s new
website, www.dexterasurgical.com.
About Dextera SurgicalDextera Surgical
designs and manufactures proprietary stapling devices for minimally
invasive surgical procedures. In the U.S., surgical staplers
are routinely used in more than one million minimally invasive
laparoscopic, video-assisted or robotic-assisted surgical
procedures annually.
The company’s signature proprietary technology, the MicroCutter
5/80, is the world’s first and only five-millimeter surgical
stapler that articulates to 80 degrees in each direction. As the
smallest-profile articulating stapler available today, the
MicroCutter 5/80 may reduce the amount of dissection and tissue
handling required to position the stapler in confined spaces,
enabling access to difficult-to-reach anatomy. The
cartridge-based device’s small size and wide articulation range is
designed to enhance the surgeon’s access and visualization at the
surgical site, and to mitigate limitations on the advancement of
minimally invasive surgical approaches created by larger stapling
devices.
MicroCutter Indication InformationThe
MicroCutter 5/80 is manufactured and cleared for use in the United
States for transection and resection in multiple open or minimally
invasive urologic, thoracic and pediatric surgical procedures, as
well as application for transection, resection and/or creation of
anastomoses in the small and large intestine, and the transection
of the appendix. The MicroCutter 5/80 White Cartridge staple has
application in vascular tissue.
Forward-Looking StatementsThe statements in
this press release regarding Dextera’s beliefs as to the benefits
expected to be obtained from the use of the MicroCutter 5/80, 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
Dextera may not be successful in its efforts to complete the
development of its combination device (designed to use two
different size cartridges) or achieve optimization of Dextera’s
supply chain for its combination device; that Dextera may not
receive regulatory clearance for indications not currently cleared;
as well as other risks detailed from time to time in the
company's reports filed with the U.S. Securities and Exchange
Commission, including its Quarterly Report on Form 10-Q for the
quarter ended March 31, 2016, under the caption “Risk Factors.”
Dextera 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 Dextera’s
reports filed with the U.S. Securities and Exchange Commission,
available at www.sec.gov.
Contact:
Investors:
Bob Newell
Vice President, Finance and Chief Financial Officer
(650) 331-7133
investors@cardica.com
Media:
Jessica Volchok
(310) 849-7985
jessica@nicoleosmer.com