Healthcare Industry News: Proximal Anastomosis
News Release - July 17, 2008
Cardica Names Frederick Bauer Vice President of OperationsREDWOOD CITY, Calif., July 17 (HSMN NewsFeed) -- Cardica, Inc. (Nasdaq: CRDC ) today announced the appointment of Frederick Bauer to the position of vice president, operations. Mr. Bauer brings more than 30 years of national and international operations and manufacturing experience to Cardica from large healthcare organizations including Medtronic and Baxter Healthcare.
"Fred's extensive operations experience and his continuous drive to improve quality and performance will be of tremendous value to Cardica as we continue to expand our manufacturing capability to meet the increasing demand for our C-PortŪ systems and plan the launch of our PAS-PortŪ Proximal Anastomosis System later this year, subject to receiving 510(k) clearance," said Bernard A. Hausen, M.D., Ph.D., president and chief executive officer of Cardica.
Previously, Mr. Bauer served as vice president of operations for the cardiac surgery division of Medtronic, Inc., where he implemented key manufacturing processes to improve productivity and reduce costs. Prior to the cardiac surgery division, he was vice president of perfusion systems for Medtronic, responsible for cardiopulmonary device manufacturing and operations. Prior to his tenure at Medtronic, he held a variety of positions at Baxter Healthcare International, including corporate vice president of operations technology, vice president of operations for drug administration and director of manufacturing services. In addition to his medical device experience, he served as president of 3RLatex, a liquid recycling company for construction sites and as general manager of Amazon Environmental, a paint recycling company. Under Mr. Bauer's leadership, his organizations have received numerous awards including the Medtronic Star of Excellence and the Baxter Quality Award. Mr. Bauer received his bachelor of civil engineering from the University of Detroit Mercy.
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-PortŪ Distal Anastomosis Systems are marketed in Europe and the United States. The PAS-PortŪ Proximal Anastomosis System is marketed in Europe and Japan, and Cardica has submitted a 510(k) premarket notification for clearance to market the PAS-Port system in the United States. Cardica also is developing additional devices with Cook Medical to facilitate vascular closure and other surgical procedures.
This press release contains "forward-looking" statements, including statements relating to expansion of Cardica's manufacturing capability, increasing demand for the C-PortŪ Distal Anastomosis System and 510(k) clearance and the planned launch of the PAS-Port System. Any statements contained in this press release that are not historical facts may be deemed to be forward-looking statements. The phrases and words "will be," and "continue" or similar expressions are intended to identify forward-looking statements. There are a number of important factors that could cause Cardica's results to differ materially from those indicated by these forward-looking statements, including risks associated with the scaling of our operations, customer demand, and receipt of regulatory approvals, as well as other risks detailed from time to time in Cardica's SEC reports, including its Quarterly Report on Form 10-Q for the quarter ended March 31, 2008. Cardica does not undertake any obligation to update forward-looking statements.
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