Cardica Inc was incorporated in Delaware in October 1997 as Vascular Innovations, Inc. and changed its name to Cardica, Inc. in November 2001. The Company designs, manufactures and markets proprietary automated anastomotic systems used by cardiac surgeons to perform coronary bypass surgery. It is developing the MicroCutter XCHANGE 30, a cartridge-based microcutter device with a 5-millimeter shaft diameter, designed to be used in a variety of procedures, including bariatric, colorectal, thoracic and general surgery. The Company's C-Port Distal Anastomosis Systems, or C-Port systems, are sold in the United States and Europe. The C-Port systems are used to perform a distal anastomosis, which is the connection between a bypass graft vessel and the target coronary artery. It currently markets three proprietary products to perform anastomoses, the C-Port xA system, the C-Port Flex A system and the PAS-Port system. The C-Port systems automate a distal anastomosis between the graft vessel and target artery. The C-Port xA system was developed to use veins and arteries as the bypass graft vessel and received 510(k) clearance in November 2006. A new generation of the C-Port xA system, the C-Port Flex A system, designed to further enable minimally invasive CABG surgery, received 510(k) clearance in March 2007. The PAS-Port system automates the performance of a proximal anastomosis between a graft vessel, typically a saphenous vein, and the aorta. The PAS-Port system received 510(k) clearance in September 2008 following successful completion of a prospective, international, randomized study. The Company's main competitors include Ethicon Endo-Surgery, part of Johnson & Johnson, and Covidien. The FDA and other regulatory bodies extensively regulate the research, development, manufacture, labeling, distribution and marketing of its products.