Cardima Shareholders Approve All Proposals at Annual Meeting
FREMONT, CA--(MARKET WIRE)--Jul 28, 2006 -- At the Annual Stockholders Meeting of Cardima, Inc. (OTC BB:CADM.OB - News) held on July 27, 2006, the Company's stockholders elected Gabriel B. Vegh, Phillip Radlick, Ph.D., John R. Cheney, Tony K. Shum, Tina Sim, and Andrew K. Lee to the Company's Board of Directors. In addition, the Company's stockholders approved the following proposals:
- An increase in the number of authorized shares of common stock issuable pursuant to the Company's 1997 Employee Stock Purchase Plan from 1,750,000 to 2,500,000 shares.
- Authorizing the Board of Directors, in its discretion, to amend the Company's Certificate of Incorporation to effect a one-for-ten reverse stock split of the issued and outstanding shares of the Company's common stock.
- The ratification of the selection of Marc Lumer & Company as the Company's independent registered public accounting firm.
"Our shareholders' support for the Company's proposals is greatly appreciated," said Gabriel Vegh, Cardima Chief Executive Officer. "We remain committed to our priorities of seeking FDA approval of our REVELATION® Tx and pursuing a strategic transaction for our Surgical Ablation System. These shareholder approvals provide us with the flexibility necessary to achieve our priorities."
About Cardima
Cardima, Inc. has developed the PATHFINDER® and REVELATION® Series of diagnostic catheters, the INTELLITEMP® Energy Management Device, and the Surgical Ablation System (SAS). All of these devices are CE marked and received U.S. FDA 510(k) clearance. The REVELATION® Series of ablation catheters with the INTELLITEMP® EP Energy Management Device was developed and marketed for the treatment of atrial fibrillation (AF) after receiving CE mark approval in Europe; it is not currently available in the U.S.
Forward-Looking Statements
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 any new devices; the prospect for any future clinical trials or regulatory activities; 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-KSB for the year ended December 31, 2006, the Company's Quarterly Report on Form 10-QSB for the third quarter ended September 30, 2007, 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.