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Intuitive Surgical licenses Cardica technology

This article was originally published in The Gray Sheet

Executive Summary

Robotic surgical system maker Intuitive Surgical will license intellectual property related to Cardica's investigational Microcutter endoscopic stapling technology for use with the Intuitive da Vinci platform. Under the terms of the deal, announced Aug. 17, Intuitive will pay $12 million for a royalty-bearing license and 1.25 million shares of Cardica common stock. The companies previously had an agreement to collaborate on training surgeons to use Cardica's automated C-Port Flex A anastamosis system with da Vinci, but the most recent deal excludes vascular anastamosis applications (1"The Gray Sheet" Sept. 17, 2007). Cardica is internally developing the Microcutter for use in bariatric, thoracic and general surgeries. It plans to launch the first device in the line in 2011, pending 510(k) clearance. Cardica simultaneously announced product sales of $1 million in its fiscal fourth quarter (ended June 30), down 16% from last year as a result of a reduced direct sales force, according to the company

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