Cardica could have announced clearance of the White Cartridge, but instead traders found out about it on the FDA website, and the wise guys who thought they could turn a quick profit bought a million shares, but since there was no formal PR about the clearance, the price didn't hold up, and the wise guys were forced to sell. This is a typical failed spike pattern. This is all technical not fundamental. The fact remains that the white cartridge is cleared and we are waiting for clearance of the new type of plastic, which is the last remaining restriction to shipping the MicroCutter in the USA. A formal PR announcement about that should give us a sustainable pop.
The first FDA announcement last Friday did not include the plastic part for the cartridge. Todays FDA approval does. Since one without the other keeps Cardica from commercial launch, it was frivolous not to wait until they were done. The fault is with the FDA not Cardica. Why release a statement about the yoke of an egg being free from bacteria but not the whites of the egg? Would you eat these eggs knowing they were still concerned about the whites?