SiliconBeat

For the third time this year, Cardica, the Redwood City medical device maker, is cutting its staff as it tries to conserve cash. On May 21, the company said it would eliminate 15 positions, or 26 percent of its staff. In January the company cut 13 positions, or 13 percent of its staff, and in April it let go of 22 more employees, which represented 27 percent of its then-current staff.

Most of the positions being eliminated in the latest round are in operations and manufacturing and are expected to be completed before the end of the month.

At the end of its most recent quarter Cardica reported having $8.4 million in cash and short-term investments, down 64 percent from the $23.3 million it reported having at the end of its last fiscal year in June 2008.

The company burned through $14.1 million in the first nine months of fiscal 2009, despite a 66 percent gain in sales to $7.9 million during that time compared to the same period the year before.

In March, Cardica engaged Allen & Company, whose managing director, John Simon, serves on Cardica’s board, to help it “evaluate strategic alternatives.” The company is contemplating selling additional shares or debt securities, seeking additional credit, and licensing or selling one or more of its products.