Cardica Announces Going Concern Opinion per Nasdaq Rule 5250(b)(2)

• Press Release
• Source: Cardica, Inc.
• On 4:40 pm EDT, Thursday September 24, 2009

REDWOOD CITY, Calif., Sept. 24 /PRNewswire-FirstCall/ -- Cardica, Inc. (Nasdaq: CRDC - News) today announced, as required by Nasdaq Marketplace Rule 5250(b)(2), that its previously filed consolidated financial statements for the fiscal year ended June 30, 2009, included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 18, 2009, contained a going concern qualification from its independent registered public accounting firm. Nasdaq Marketplace Rule 5250(b)(2) requires separate public disclosure of a previously issued audit opinion that contains a going concern qualification. This announcement does not represent any change or amendment to the Company's fiscal year 2009 financial statements or to its Annual Report on Form 10-K.

About Cardica

Cardica is a leading provider of automated anastomosis systems for coronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutures with easy-to-use automated systems, Cardica's products provide cardiovascular surgeons with rapid, reliable and consistently reproducible anastomoses, or connections of blood vessels, often considered the most critical aspect of the CABG procedure. Cardica's C-Port® Distal Anastomosis Systems are marketed in the United States and Europe and its PAS-Port® Proximal Anastomosis System is marketed in the United States, Europe and Japan. In addition, the Company has developed the Cardica Microcutter, a true multi-fire endoscopic stapling device designed to be used in a variety of settings including bariatric, thoracic and general surgery.