Cardica, Inc. (Nasdaq: CRDC) today announced the pricing of an underwritten public offering of 32,500,000 shares of its common stock, offered at a price to the public of $0.85 per share, and 191,474 shares of its Series A convertible preferred stock, offered at a price to the public of $85.00 per share. The Series A convertible preferred stock is non-voting and is convertible into shares of Cardica common stock at a conversion rate of 100 shares of common stock for each share of Series A convertible preferred stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.98% of the total number of shares of Cardica common stock then outstanding unless the holder gives Cardica at least 61 days prior notice of an intent to convert into shares of common stock that would cause the holder to own more than 9.98% of the total number of shares of common stock then issued and outstanding. Cardica has also granted to the underwriters an option to purchase up to an additional 4,875,000 shares of common stock to cover overallotments.
Cardica is focused on the development of a laparoscopic microcutter product line intended for use by thoracic, bariatric, colorectal and general surgeons. Co. is developing a microcutter product line based on its proprietary staple-on-a-strip technology. Co.'s planned microcutter product line consists of the MicroCutter XCHANGE™ 30 cartridge based microcutter device; the MicroCutter XCHANGE™ 45 and the MicroCutter FLEXCHANGE™ 30 planned cartridge based microcutter devices; the MicroCutter XPRESS™ 30 multi-fire endolinear stapling device, and the MicroCutter XPRESS™ 45 planned multi-fire endolinear microcutter device with a 45 millimeter staple line, a planned cutting and stapling device.
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