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Cardium Completes $6.0 Million Financing
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November 10, 2008 -- San Diego -- Cardium Therapeutics (Amex: CXM) today announced the completion of a $6.0 million financing in the form of secured debt with accompanying warrants to purchase shares of common stock, replacing a prior debt financing that was concluded and paid off last quarter.
Empire Asset Management Company acted as
financial advisor and the sole placement agent for the transaction
and the Barone Group acted as lead investor. The material terms
of the financing agreement are described in more detail in the
Company's Current Report on Form 8-K, to be filed with the Securities
and Exchange Commission.
"This financing is designed to provide proceeds to help advance the
company to two very important business milestones for Cardium," stated
Christopher J. Reinhard, Chairman and Chief Executive Officer.
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"These key events include
completion of the MATRIX clinical study for Tissue Repair's Excellarate
candidate for non-healing diabetic wounds, and advancement of
InnerCool's portfolio of therapeutic hypothermia products into
vertical partnering opportunities with companies having existing
sales and marketing organizations but a continuing need for innovative
high-value products." |
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.
Cardium's InnerCool Therapies subsidiary is a San Diego-based medical technology company in the emerging field of temperature modulation therapy 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 patient temperature modulation, including InnerCool's new RapidBlue™ System, which just received FDA clearance, and its CoolBlue™ System, please visit http://www.innercool.com.
Cardium also has two biologic candidates in clinical development. Cardium's Tissue Repair Company subsidiary (TRC) is 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-BB (PDGF-BB). 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™ (GAM) technology include therapeutic angiogenesis (cardiovascular ischemia, peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage) repair. For more information about Cardium's Tissue Repair Company subsidiary, please visit http://www.t-r-co.com.
Cardium's Generx product candidate (alferminogene
tadenovec, Ad5FGF-4) 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 http://www.cardiumthx.com or view its 2007
Annual Report.
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. For example, there can be no assurance that
human clinical trials can be conducted and completed in an efficient
and successful manner, that partnering opportunities can be successfully
achieved and that such opportunities will effectively and efficiently
advance commercialization of our products, that product modifications
or launches will be successful or that the resulting products will
be favorably received in the marketplace, that results or trends observed
in one clinical study will be reproduced in subsequent studies, that
our products or product candidates will prove to be sufficiently safe
and effective, that necessary regulatory approvals will be obtained,
or that our products or product candidates will not be unfavorably
compared to competitive products that may be regarded as safer, more
effective, easier to use or less expensive. 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 therapeutic hypothermia devices and in the conduct of human clinical
trials, including the timing, costs and outcomes of such trials, our
ability to obtain necessary funding, regulatory approvals and expected
qualifications, 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.
Cardium Therapeutics™ and Generx™
are trademarks of Cardium Therapeutics, Inc.
Tissue Repair™, Gene Activated Matrix™, GAM™ and Excellarate™ are trademarks of Tissue Repair Company.
InnerCool Therapies®, InnerCool®, RapidBlue™, CoolBlue™, Accutrol®,
Temperature Control Element® and TCE® are trademarks of InnerCool Therapies,
Inc.
Source: Cardium Therapeutics, Inc.
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