Cardium Reports on Third Quarter 2008 Financial Results and Revised Business Strategies for Opera...(ed on the localized and sustained cardia...)

Date:11/10/2008

ed on the localized and sustained cardiac production of insulin-like growth factor-1 (IGF-1) following a one-time intracoronary administration in an acute care setting immediately after percutaneous coronary intervention in heart attack patients. Data from the pre-clinical study is expected to be announced in early 2009 and is designed to support the clinical potential of Corgentin. The long-term safety and efficacy of IGF-1 protein-based drugs that have already been approved by the FDA for the treatment of short stature children, are based on daily treatments for periods of a year or more. This data provides significant insights into the potential safety relating to a one-time DNA-based IGF-1 Corgentin treatment.

Commentary

"The recent FDA 510(k) clearance for our RapidBlue System, which we believe is the most powerful and easiest to use endovascular-based system in the world, represented a key milestone in completing Cardium's turnaround and strategic reposition of the Company's InnerCool investment," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium. "We are continuing to develop a portfolio of uniquely positioned medical device products based on our platform technology and expertise in the growing field of temperature modulation therapy. These new product opportunities, like our new UroCool Targeted Tissue Cooling System, are being developed for specific and defined vertical markets transactioned through strategic alignments, financings and other structured deals in keeping with our ongoing strategy to monetize InnerCool."

Reinhard added, "During this difficult economic period, we believe we have established a balanced plan to move our businesses forward, with a principal focus on completion of near-term milestones including 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, each of whi
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SOURCE Cardium Therapeutics Copyright©2008 PR Newswire. All rights reserved

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