Cardica lowers IPO price talk to $10-$12 per share from $12-$14 per share

By Ted A. Knutson

Washington, Feb. 1 - Cardica, Inc. lowered the price talk for its pending initial public offering to $10 to $12 per share from $12 to $14 per share for 3.5 million shares in an amendment to its S-1 registration with the Securities and Exchange Commission.

The number of shares stays at 3.5 million while the greenshoe is for up to 525,000 shares.

A.G. Edwards and Allen & Co. LLC are the underwriters with the new addition of Montgomery & Co.

Cardica said lowering the price talk cuts the estimated net proceeds to the company at the midpoint of talk to $34 million from $40.5 million without the greenshoe or a reduction to $39.4 million from $46.8 million with the greenshoe.

The company has applied for the stock to be quoted on the Nasdaq National Market under the symbol "CRDC."

Cardica, a Redwood City, Calif.-based firm, designs and manufactures proprietary automated anastomotic systems used by surgeons to perform coronary artery bypass surgery.

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