March 13, 2007 — Cardica Inc. announced today it has received $1.25 million in payments from Cook Medical for development and high volume production tooling for the Cook Vascular Access Closure Device, an innovative automated system designed to close access openings in femoral arteries after interventional vascular procedures.
The X-Port device is being developed by Cardica in partnership with Cook as part of an agreement penned in December, 2005, in Cardica is responsible for design and pre-clinical development. Cook is responsible for clinical development and regulatory approval, and, if the product receives regulatory approval, Cook will have exclusive commercialization rights to market the X-Port device.
The potential advantages of the X-Port device include a simple user interface, the ability to place it through the same introducer sheath used for the interventional procedure for greater convenience and speed, scalability, and lower cost of goods. In addition, X-Port is designed to be less invasive with a minimal amount of foreign material placed in the vessel wall.
To date, Cardica has received a total of approximately $2.75
million in development milestones and payments for high volume production tooling under the collaboration. Cardica could receive an additional $500,000 upon successful completion of the final product development milestone under the agreement, and is entitled to receive royalties on any future worldwide sales by Cook.
For more information visit www.cookmedical.com and www.cardica.com.