Broadfin Capital Thanks Shareholders For Their Overwhelming Support In Electing Its Three Director Candidates To The Board Of Directors Of Cardica

NEW YORK, Dec. 12, 2014 /PRNewswire/ -- Broadfin Capital, LLC (together with its affiliates, "Broadfin" or "we") is the beneficial owner of approximately 17.3%, on an as-converted basis, of the outstanding common and preferred stock of Cardica, Inc. CRDC ("Cardica" or the "Company").

Over the past couple of months, Broadfin led a campaign to improve the Board of Directors of Cardica (the "Board") by electing its three extremely-qualified, independent directors, Gregory D. Casciaro, R. Michael Kleine and Samuel E. Navarro to the Board. 

We are happy that based on preliminary results overwhelmingly the shareholders of the Company voted on Broadfin's gold proxy card, following the recommendations of both leading proxy advisory firms, Institutional Shareholder Services ("ISS") and Glass Lewis & Co., LLC ("Glass Lewis").  By voting on our proxy card, the shareholders of Cardica elected Messrs. Casciaro, Kleine and Navarro with an overwhelming mandate. 

Kevin Kotler, Managing Partner of Broadfin stated: "There should be no doubt that this important vote clearly mandated the Board to make the changes necessary at Cardica to ensure the maximum chance for shareholder value creation. We are pleased we were able to serve as a catalyst for meaningful improvement of the composition of the Board.  In addition to the election of our three director candidates, the Board added another two new directors during the course of our campaign, resulting in a significantly refreshed and strengthened Board."

"Now that Cardica's shareholders have spoken resoundingly in supporting and demanding this Board change, we believe that the message to the entire Cardica Board is clear -- to immediately enact real and positive changes for the benefit of all stockholders. We are excited to have a revitalized Board positioned to maximize the competitive advantages of our Company's valuable technology at this critical stage in the Cardica's lifecycle," concluded Mr. Kotler.

About Broadfin Capital:

Broadfin Capital, LLC ("Broadfin Capital") is a global equity healthcare asset manager founded in 2005. The Managing Partner and Portfolio Manager of the firm is Kevin Kotler whose career has been focused on analyzing and investing in medical technology companies. Broadfin Capital invests in all the major subsectors of the healthcare industry and has a fundamental, value-oriented investment strategy coupled with a long-term investment horizon.

Investor Contacts

Kevin Kotler, Broadfin Capital, LLC
212-808-2460
Vote@broadfincapital.com 

William P. Fiske, Georgeson Inc.
201-222-4250
EnhanceCardica@georgeson.com

Rajeev Kumar, Georgeson Inc.
201-222-4226
EnhanceCardica@georgeson.com

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SOURCE Broadfin Capital, LLC