A Medical Device Daily

Cardica (Redwood City, California) reported that it has entered into a securities purchase agreement in connection with a private placement to a group of accredited investors that includes Sutter Hill Ventures, Wasatch Advisors and Allen & Company.

Cardica will receive about $11.9 million in gross proceeds from the sale of 2,301,337 shares of its common stock and the issuance of warrants for the purchase of 575,347 additional shares of Cardica’s common stock with an exercise price of $5.65 per share.

The per unit purchase price of a share of Cardica’s common stock and a warrant to purchase 0.25 of a share of Cardica’s common stock is $5.16. Subject to the satisfaction of customary closing conditions, the transaction is expected to close on or about June 11.

A.G. Edwards acted as the lead placement agent for this placement, with Allen & Company acting as the co-placement agent.

Cardica manufactures automated anastomosis systems for coronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutures with easy-to-use automated systems, Cardica provides 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 Europe and the U.S. The PAS-Port proximal anastomosis system is marketed in Europe and Japan and is being evaluated in a pivotal trial in the U.S. and Europe. Cardica also is developing additional devices to facilitate vascular and other surgical procedures.

Greatbatch (Clarence, New York) reported that the Securities and Exchange Commission has declared effective its registration statement on Form S-3 relating to resales by selling securityholders of its 2% subordinated convertible debentures due 2013.

The debentures were originally issued in an aggregate principal amount of $197.8 million on March 28 and April 2. The debentures are subject to a registration rights agreement. Greatbatch will not receive any of the proceeds from the resale of the debentures or the shares of common stock issuable upon conversion of the debentures.

Greatbatch, is a manufacturer of components used in implantable medical devices and other technical applications.

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