         |
|
|
|
|
|
|
|||||
Cardium Reports on Recent Highlights and Financial Results |
|||||
Cardium began operations following the Company's initial funding and the completion of a merger transaction in the fourth quarter of 2005. For the year ended December 31, 2006 the Company reported net operating losses totaling $18.6 million, or a loss of $(0.59) per share, which included research and development costs totaling $8.4 million and general administrative and selling expenses of $10.1 million. The 2006 net operating loss included $1.5 million for transactional costs related to the Company's corporate development activities, including the acquisition of the technologies and products of InnerCool Therapies in March 2006 and the Excellarate product candidate from the Tissue Repair Company in August 2006, and $1.6 million for non-cash charges relating to stock-based compensation. Total revenue for the year ended December 31, 2006 was $756,000 and the Company ended the year with cash and cash equivalents totaling $5.9 million. On March 9, 2007, the Company reported closing an equity financing of $21.5 million, before placement agent fees and offering expenses. Total shares of common stock outstanding at December 31, 2006 were 32.2 million compared to 29.2 million at December 31, 2005. In early January 2006, the Company filed a resale registration statement on Form SB-2 with the Securities and Exchange Commission, covering the registration of 30 million shares of common stock held by current investors, including those who acquired shares in the October 2005 private placement of 19.3 million shares of common stock at a purchase price of $1.50 per share. In connection with the March 2007 equity financing, Cardium issued 8.6 million shares of common stock at $2.50 per share with warrant coverage representing up to approximately an additional 3.0 million shares of common stock. The total number of shares of common stock outstanding as of March 9, 2007 was 40.9 million shares. About Cardium Cardium Therapeutics, Inc. and its subsidiaries, InnerCool Therapies 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). Generx (alferminogene tadenovec), which is now 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 cardiumthx.com or view its brochure at 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 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 t-r-co.com. Forward-Looking Statements Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our limited experience in the development, testing and marketing of therapeutic hypothermia devices and whether our efforts to accelerate the commercialization of such devices will be successful, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof. Copyright 2007 Cardium Therapeutics, Inc. All rights reserved. For Terms of Use Privacy Policy, please visit www.cardiumthx.com. Cardium Therapeutics(TM) and Generx(TM) are trademarks of Cardium Therapeutics,
Inc. SOURCE: Cardium Therapeutics, Inc. |
|||||
Angioplasty.Org Home • PatientCenter send comments & suggestions
to "info at angioplasty dot org" |
|||||