SAN DIEGO, Feb. 1 /PRNewswire-FirstCall/ -- Cardium Therapeutics (Amex: CXM) announced that it has completed its $5.3 million registered direct offering with institutional and other accredited or qualified investors that was previously announced on January 31, 2008. Empire Asset Management Company acted as the sole placement agent for the transaction.
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.
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, 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 2006 Annual Report at http://www.cardiumthx.com/flash/pdf/2006CardiumAnnualReport.pdf.
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 therapeutic hypothermia, including InnerCool's Celsius Control System(TM), which has received regulatory clearance in the U.S., Europe and Australia, and its CoolBlue(TM) surface-based system, which is currently being marketed in the U.S., please visit http://www.innercool.com.
Cardium's Tissue Repair Company subsidiary (TRC) is 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(TM), 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(TM) 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) repair. For more information about Cardium's Tissue Repair Company subsidiary, please visit http://www.t-r-co.com.
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 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 proposed products will prove to be
sufficiently safe and effective, that necessary regulatory approvals will
be obtained, 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, that having a shelf
registration statement in place will allow the Company to take advantage of
favorable market conditions or that the Company will be effectively able to
sell additional common stock on favorable terms. 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, and our ability to obtain necessary regulatory
approvals and expected qualifications, our limited experience in the
development, testing and marketing of therapeutic hypothermia devices and
whether our efforts to accelerate the commercialization of such devices and
launch new devices will be successful or completed within the timeframes
contemplated, 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
Cardium Therapeutics(TM) and Generx(TM) are trademarks of Cardium
Tissue Repair(TM), Gene Activated Matrix(TM), GAM(TM) and Excellarate(TM) are
trademarks of the Tissue Repair Company.
InnerCool Therapies(R), InnerCool(R), Celsius Control System(TM),
Accutrol(TM), CoolBlue(TM) and RapidBlue(TM)
are trademarks of InnerCool Therapies, Inc.
|SOURCE Cardium Therapeutics, Inc.|
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