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Cardium Presents First Quarter 2012 Financial Results and Recent Developments
Date:5/15/2012

, 2012Three Months Ended March 31,20122011Revenues$
20,478$
--Cost of goods sold5,455--Gross profit15,023--Research and development(1,164,599)(491,574)Selling, general and administrative(1,509,761)(1,287,885)Loss from operations(2,659,337)(1,779,459)Interest income (expense), net1,1442,649Change in fair value of derivative liabilities64,15788,170Net loss $  (2,594,036)$ (1,688,640) 

Net  loss per common  share – basic and diluted $
(0.02) $
(0.02)Weighted average common shares outstanding  – basic and diluted 

109,279,152 

83,097,967Selected Condensed Consolidated Balance Sheet DataMarch 31,

2012December 31,

2011Cash and cash equivalents

$
9,070,522$
4,721,279Restricted cash

50,000200,000Accounts receivable

17,546--Inventory

521,657434,130Prepaid expenses and other current assets

111,26668,204Property and equipment, net

111,701135,581Other long-term assets

1,910,4331,944,035Total assets

$   11,793,125$
7,503,229Accounts payable and accrued liabilities

$
,690,399$
,214,480Derivative liabilities

--85,506Long-term liabilities

105,353118,313Total liabilities

1,795,7521,418,299Stockholder's equity

9,997,3736,084,930Total liabilities and stockholder's equity

$   11,793,125$
7,503,299Cardium Therapeutics, Inc.Reconciliation of Non-GAAP MeasureAs of March 31, 2012Three Months Ended March 31,20122011Net Loss 

$ (2,594,036)


$ (1,688,640)Add (subtract)Stock-based compensation expense43,23933,915Change in fair value of derivative liabilities(64,157)(88,170)Non-GAAP net loss$ (2,614,954)$ (1,742,895)Non-GAAP net loss per common share – basic
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SOURCE Cardium Therapeutics
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