Cardica Signs National Agreement With Novation
December 14 2015 - 7:30AM
-- MicroCutter XCHANGE® 30 Stapler
Receives Innovative Technology Award From Novation --
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.”
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 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.
Forward-Looking Statements
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
investors@cardica.com