CRDM Cardima Provides Update
Business Wire - June 20, 2005 5:44 PM (EDT)
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FREMONT, Calif., Jun 20, 2005 (BUSINESS WIRE) -- Cardima, Inc. (Other OTC:CRDM) amends and restates information contained in the Press Release dated June 17, 2005 to further clarify decision of the Board of Directors on June 17, 2005 with regards to the employment status of all employees. On June 17, 2005, the Company's Board of Directors elected to halt the accruing of all payroll related expenses and placed all employees on indefinite furlough.
The Company is in discussions with its secured lender concerning alternatives to continue operations to a limited extent while attempting to raise funds to satisfy outstanding liabilities.
No assurance can be given that the secured lender will cooperate or that any such efforts will be successful. The Company cannot predict what, if any, value will remain for common stockholders after providing for the Company's obligations.
About Cardima
Cardima, Inc. has developed the REVELATION Tx, REVELATION T-Flex and REVELATION Helix linear ablation microcatheters, the NAVIPORT deflectable guiding catheters, and the INTELLITEMP energy management system for the minimally invasive treatment of atrial fibrillation (AF) The REVELATION Tx, REVELATION T-Flex and REVELATION Helix systems and the INTELLITEMP have received CE Mark approval in Europe. The Company has also developed and obtained approval for in the USA a Surgical Ablation System, which targets market application by cardiac surgeons to ablate cardiac tissue during heart surgery using radio frequency (RF) energy.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such forward-looking statements. Potential risks and uncertainties include the uncertainties associated with the prospects for FDA approval of our premarket approval application for the REVELATION Tx, including the ramifications of our recent meeting with the FDA, the prospect for any future clinical trials or regulatory activities, the Company's ability to obtain funding under the Agility loan facility, the risks associated with the Agility loan facility's restrictive covenants, security interest, fee provisions and other terms and conditions, the risk that the Company will not be able to raise additional capital in the immediate term as needed to continue operations and the risk that we will be unable to secure a strategic transaction involving the Surgical Ablation System. Additional risks and uncertainties are set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2004, the Company's Quarterly Report on Form 10-Q for the first quarter ended March 31, 2005, and in the Company's subsequent SEC filings. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
SOURCE: Cardima, Inc.
Cardima, Inc.
Gabriel Vegh, 510-354-0300
www.cardima.com
or
Investor Relations Group
Investor Contacts:
Gino De Jesus / John Nesbett, 212-825-3210
or
Media Contacts:
Janet Vasquez / Dian Griesel, Ph.D., 212-825-3210
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