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Cardica signs contract deal with Intuitive

Tue, 08/17/2010 - 2:45pm
The Associated Press

Surgical systems maker Cardica Inc. said Tuesday it entered a licensing deal worth $12 million upfront with Intuitive Surgical Inc.

Under the deal, Intuitive will get a worldwide, exclusive license to Cardica's intellectual property, which relates to tissue cutting, stapling and clip appliers, for use in the robotics field.

Cardica received $12 million for a royalty-bearing license and an equity investment of about 1.25 million shares of common stock.

Cardica said the licensing deal excludes vascular anastomosis applications.

In aftermarket trading, Cardica shares rose 69 cents, or 41.6 percent, to $2.35. The stock had gained 5 cents, or 3.1 percent, to close the regular session at $1.66.

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