News | June 18, 2007

Cardica, Cook Medical Seal Closure Device Deal

June 19, 2007 – Cardica Inc. and Cook Medical today announced that they have entered into an agreement to develop and commercialize a specialized device designed to close the patent foramen ovale (PFO), a relatively common heart defect present in approximately 15 to 20 percent of the general population, which targets patients at risk for stroke or systemic embolism.

Under the terms of the agreement, Cardica will receive $900,000 in upfront fees and is eligible to receive approximately $2.7 million in additional milestone payments during the development effort over the next 12 to 18 months as well as royalties on future worldwide sales of the device. Cardica will be responsible for the design, production and manufacturing of the PFO closure device, which will be directed by a development committee with representatives from both companies. Cook will be responsible for preclinical and clinical development, as well as regulatory approval of the product, and will have exclusive worldwide commercialization rights to market the PFO closure device.

“We are pleased to once again partner with Cardica…we believe it will allow us to provide an effective PFO closure device for the patients at risk for stroke or systemic embolism, as well as potentially those suffering from debilitating migraine headaches,” said Brian Bates, senior vice president, business development of Cook Medical. “This is an underserved patient population that would greatly benefit from a less invasive, straight-forward procedure to permanently and effectively close a hole in their heart.”

For more information: www.cardica.com and www.cookmedical.com

Related Content

Gore Cardioform ASD Occluder Receives FDA Approval
Technology | Structural Heart Occluders | June 10, 2019
W. L. Gore & Associates (Gore) announced the U.S. Food and Drug Administration’s (FDA’s) premarket approval (PMA)...
Le Bonheur Children's Hospital Implants First Abbott Amplatzer Piccolo Occluder
News | Structural Heart Occluders | February 13, 2019
Le Bonheur Children's Hospital cardiologists in Memphis, Tenn., implanted the Amplatzer Piccolo Occluder, the world's...
FDA Approves Abbott's Amplatzer Piccolo Occluder
News | Structural Heart Occluders | January 16, 2019
Abbott announced the U.S. Food and Drug Administration (FDA) approved the Amplatzer Piccolo Occluder to treat patent...
FDA Approves Gore Cardioform Septal Occluder for PFO Closure Prevent Recurrent Ischemic Stroke
Technology | Structural Heart Occluders | April 03, 2018
April 3, 2018 — Following the unprecedented Gore REDUCE Clinical Study conclusion that closure of patent foramen oval
University of Alabama at Birmingham, Amplatzer PFO Occluder, first implementation
News | Structural Heart Occluders | February 15, 2017
Doctors at the University of Alabama at Birmingham have implemented the first U.S. Food and Drug Administration (FDA)-...
Amplatzer PFO Occluder, St. Jude Medical, Baylor Heart and Vascular Services, Fort Worth, Texas, first patients
News | Structural Heart Occluders | February 01, 2017
Baylor Heart and Vascular Services at Fort Worth in November became the first program in Texas to implant the Amplatzer...
Overlay Init