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Cardium Reports on Third Quarter 2008 Financial Results and Revised Business Strategies for Operating Units
Date:11/10/2008

ch represents substantial completion of our strategic development plans for these companies and provides potential partnering opportunities."

Financial Report

Product revenue for third quarter 2008 was $585,000, an increase of 91 percent compared to $307,000 in the same period in 2007. Product revenue for the nine months ended September 30, 2008 totaled $1.5 million compared to $772,000 for the same period in 2007 representing a 92 percent increase. Total revenue for the third quarter of 2008 was $585,000, compared to $364,000 for the same quarter last year. For the nine months ended September 30, 2008, total revenue was $1.9 million compared to $903,000 for the same period in 2007. The increase in revenue was a result of an increase in InnerCool sales resulting from its expanded sales and marketing efforts. For the quarter ended September 30, 2008, the Company reported a net loss of $6.2 million, or $0.13 per share, compared to a net loss of $6.1 million, or $0.15 per share for third quarter 2007. Research and development costs totaled $2.9 million and selling, general and administrative expenses of $2.9 million, compared to $3.2 million and $2.9 million respectively for the same period last year. Non-cash charges relating to stock-based compensation, depreciation and amortization for the third quarter of fiscal 2008 totaled $1,079,000, compared to $943,000 for the same period in 2007. Cash and cash equivalents as of September 30, 2008 were $127,000, compared to cash and cash equivalents of $4.1 million as of September 30, 2007. In July 2008, the Company completed a registered direct investment resulting in gross proceeds of approximately $3.34 million, before placement agent fees and offering expenses and excluding any future proceeds from the exercise of the warrants issued in the offering. In November 2008, the Company completed a secured debt financing resulting in gross proceeds of approximately $6.0 million, before placement agent fees and offer
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Related biology technology :

1. Cardium Announces FDA 510(K) Clearance of InnerCools RapidBlue(TM) Endovascular System
2. ITGI Medical Received a CE Mark for its Second Pericardium Covered Stent - AneuGraft(R) - for Tortuous Vessels
3. Cardium Announces InnerCools New RapidBlue(TM) System Obtains CE Mark for Commercial Sale in Europe and UL certification
4. Cardium Announces Follow-On Direct Investment by Institutional Investor
5. Cardium Selected for Inclusion in Russell Microcap Index
6. Cardiums InnerCool Therapies Unit Announces Italian Commercialization Agreement for Portfolio of Temperature Modulation Systems
7. Cardium Launches New AWARE Clinical Study Website
8. Over and Under(R) Pericardium Covered Stent is now in use in England and Proves Great Deliverability
9. Cardium Therapeutics Announces Annual Meeting of Stockholders to be Held June 5, 2008
10. Cardium Reports on First Quarter 2008 Highlights and Financial Results
11. Richard A. Schatz, M.D. Joins Cardiums Scientific Advisory Board
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