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Cardium Announces Follow-On Direct Investment by Institutional Investor
Date:6/30/2008

SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- Cardium Therapeutics (Amex: CXM) announced that it has completed a registered direct offering with an institutional investor that participated in its prior financing for the purchase of shares of its common stock and warrants to purchase additional shares of common stock. The transaction resulted in gross proceeds to Cardium of approximately $3.25 million, before placement agent fees and offering expenses and excluding any future proceeds from the exercise of the warrants issued in the offering. Empire Asset Management Company acted as financial advisor and the sole placement agent for the transaction.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051018/CARDIUMLOGO)

The securities were offered pursuant to an effective shelf registration statement filed by Cardium with the U.S. Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy, and these securities may not be sold in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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 lead product candidate, Generx(TM) (alferminogene tadenovec, Ad5FGF4), is a DNA-based growth factor therapeutic being developed for potential use by interventio
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SOURCE Cardium Therapeutics, Inc.
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