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Cardium
Announces $21.5 Million Equity Financing |
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SAN DIEGO--March 6, 2007--Cardium
Therapeutics, Inc. (OTCBB:CDTP) today announced that it has entered
into definitive securities purchase agreements with institutional and
other accredited investors to raise approximately $21.5 million, before
placement agent fees and offering expenses. At closing, Cardium will
issue approximately 8.6 million shares of its common stock at $2.50
per share with 35% warrant coverage, which represents approximately
up to an additional 3.0 million shares of common stock. The warrants
have a five year term and are immediately exercisable at an exercise
price of $3.75 per share. The financing is expected to close on or
about March 9, 2007, subject to customary closing conditions. Oppenheimer & Co.
Inc. served as placement agent for the offering.
The proceeds from this financing will be used to initiate Cardium's
Phase 3 AWARE clinical study for Generx, initiate the Phase 2b clinical
study for Excellarate in the second half of 2007, accelerate the
commercialization of InnerCool's Celsius Control System and, at the
same time, broaden and expand its temperature modulation technology
into other medical indications and applications, and for general
working capital.
The securities to be issued in this private
placement have not been registered under the Securities Act of 1933,
as amended (the "Securities
Act"), or any state securities laws and may not be transferred or
resold except pursuant to an effective registration statement or
an applicable exemption from the registration requirements of the
Securities Act. Cardium has agreed to file a registration statement
covering the resale of the common stock issued in the private placement,
including the shares issuable upon exercise of the warrants. This
press release does not constitute an offer to sell, nor is it a solicitation
of an offer to buy, any securities.
About Cardium Cardium Therapeutics, Inc. and its subsidiaries, InnerCool Therapies, Inc. and the Tissue Repair Company, are medical technology companies primarily focused on the development, manufacture and sale of innovative therapeutic products and devices for cardiovascular, ischemic and related indications. In October 2005, Cardium acquired a portfolio of growth factor therapeutics from the Schering AG Group, Germany, including the later-stage product candidate, Generx(TM), and completed a $30 million financing. Generx (alferminogene tadenovec), which is advancing to a Phase 3 clinical study, is a DNA-based growth factor therapeutic being developed for potential use by interventional cardiologists as a one-time treatment to promote and stimulate the growth of collateral circulation in the hearts of patients with ischemic conditions such as recurrent angina. For more information about Cardium Therapeutics and its businesses, products and therapeutic candidates, please visit www.cardiumthx.com or view its brochure at http://www.cardiumthx.com/flash/pdf/CardiumTHX_Brochure.pdf. In March 2006, Cardium acquired the technologies and products of InnerCool Therapies, Inc., a San Diego-based medical technology company in the emerging field of temperature modulation, which is designed to rapidly and controllably cool the body in order to reduce cell death and damage following acute ischemic events such as cardiac arrest or stroke, and to potentially lessen or prevent associated injuries such as adverse neurological outcomes. For more information about Cardium's InnerCool subsidiary and therapeutic hypothermia, including its Celsius Control System(TM), which has now received regulatory clearance in the U.S., Europe and Australia, please visit www.innercool.com. In August 2006, Cardium acquired the technologies and products of the Tissue Repair Company (TRC), a San Diego-based biopharmaceutical company focused on the development of growth factor therapeutics for the treatment of severe chronic diabetic wounds. TRC's lead product candidate, Excellarate, is a DNA-activated collagen gel for topical treatment formulated with an adenovector delivery carrier encoding human platelet-derived growth factor-B (PDGF-B). Excellarate is initially being developed to be administered once or twice for the potential treatment of non-healing diabetic foot ulcers. Other potential applications for TRC's Gene Activated Matrix(TM) (GAM) technology include therapeutic angiogenesis (cardiovascular ischemia, peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage). For more information about Cardium's Tissue Repair Company subsidiary, please visit www.t-r-co.com. Forward-Looking Statements SOURCE: Cardium Therapeutics |
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