Cardica Announces Pricing of $34.7 Million Public Offering of Common Stock

Friday, November 9, 2007 General News
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REDWOOD CITY, Calif., Nov. 8 Cardica, Inc.(Nasdaq: CRDC) today announced the pricing of an underwritten public offeringof 1,500,000 shares of its common stock for sale by Cardica and 2,579,795shares of its common stock for sale by a selling stockholder, at a price tothe public of $8.50 per share. Cardica also granted the underwriters a 30-dayoption to purchase up to an additional 611,969 shares of common stock fromCardica to cover over-allotments, if any. Cardica will not receive anyproceeds from the sale of shares by the selling stockholder.

William Blair & Company, L.L.C. is acting as the sole book-running managerof the offering. Allen & Company LLC, Needham & Company, LLC and MerrimanCurhan Ford & Co. will act as co-managers of the offering.

These shares are being issued pursuant to an effective shelf registrationstatement. This press release does not constitute an offer to sell or asolicitation of an offer to buy nor will there be any sale of these securitiesin any state or jurisdiction in which such offer, solicitation or sale wouldbe unlawful prior to registration or qualification under the securities lawsof any such state or jurisdiction. The offering is being made only by meansof a prospectus, including a prospectus supplement, forming a part of theeffective registration statement. Printed copies of the final prospectussupplement and base prospectus relating to the offering may be obtained, whenavailable, from William Blair & Company, L.L.C., Prospectus Department, 222West Adams Street, Chicago, Illinois 60606, (312) 236-1600. Cardica intendsto file a final prospectus supplement relating to the offering with the SEC,which will be available along with the base prospectus filed with the SEC inconnection with the shelf registration on the SEC's website at

About Cardica

Cardica is a leading provider of automated anastomosis systems forcoronary artery bypass graft (CABG) surgery. By replacing hand-sewn sutureswith easy-to-use automated systems, Cardica provides cardiovascular surgeonswith rapid, reliable and consistently reproducible anastomoses, or connectionsof blood vessels, often considered the most critical aspect of the CABGprocedure. Cardica's C-Port(R) Distal Anastomosis Systems are marketed inEurope and the United States. The PAS-Port(R) Proximal Anastomosis System ismarketed in Europe and Japan and is being evaluated in a pivotal trial in theUnited States and Europe. Cardica also is developing additional devices withCook Incorporated to facilitate vascular closure and other surgicalprocedures.

Forward-Looking Statements

This press release contains forward-looking statements, includingstatements relating to Cardica's expectations regarding the completion of thisoffering. These statements are subject to significant risks and uncertaintiesand actual results could differ materially from those projected; accordingly,Cardica cautions investors not to place undue reliance on the forward-lookingstatements contained in this release. These risks and uncertainties include,without limitation, risks and uncertainties related to market conditions andsatisfaction of customary closing conditions related to the public offering.There can be no assurance that Cardica will be able to complete the publicoffering on the anticipated terms, or at all. Cardica will need substantialadditional funding and may be unable to raise capital when needed, which wouldforce it to delay, reduce or eliminate its research and development programsor commercialization efforts. Additional risks and uncertainties relating toCardica and its business can be found in the "Risk Factors" section ofCardica's Form 10-K for its fiscal year ended June 30, 2007, Cardica's Form10-Q for its fiscal quarter ended September 30, 2007, and in the preliminaryprospectus supplement related to the offering filed with the SEC. Cardica

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