January 12, 2012 / 10:05 PM / 8 years ago

UPDATE 1-Cardica halts enrollment in EU trial of surgical device

* Suspends enrollment in EU trial using MicroCutter XPRESS

* Cardica to start enrollment using MicroCutter XCHANGE

* Shares fall 10 pct after market

Jan 12 (Reuters) - Medical device maker Cardica Inc said it suspended enrollment in a European clinical trial of its surgical cutting and stapling device, MicroCutter XPRESS 30, after it failed to perform satisfactorily in thicker tissue, sending its shares down 10 percent after the bell.

However, the company plans to commence enrollment of the clinical trial in the same patient population with its other device MicroCutter XCHANGE 30 at the end of the first quarter of 2012.

After today’s development, Cardica, which had earlier intended to commercialize MicroCutter XPRESS as the first device in Europe, is now prioritizing the development of MicroCutter XCHANGE.

“As we have gained more experience with our microcutter products, we believe that the cartridge-based design of the MicroCutter XCHANGE 30 will permit us to commercially launch this product more quickly than our planned initial multi-fire product, the MicroCutter XPRESS 30,” Cardica said.

As of December 31, Cardica had about $7.6 million of cash and $4.0 million of debt.

Cardica shares were down 21 cents at $1.83 in extended trade. They closed at $2.04 on Thursday on the Nasdaq.

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