The Redwood City, Calif.-based Cardica will expand its development deal with Cook Medical, a Spencer, Ind.-based interventional device developer, which will pay $750,000 to Cardica for the development of additional vascular closure device products.
The extension builds on a June 19 agreement, when Cardica entered into a $900,000 deal with Cook Medical, with an additional $2.7 million in milestone payments available. Under the initial agreement, Cardica developed the Cook vascular closure device.
According to pre-market trading, Cardica shares are up 5.57 percent at $9.66. Over the last 52 weeks, shares have ranged from $3.84 to $12.04.