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Cardium Reports on Third Quarter 2009 Financial Results and Recent Developments
Date:11/10/2009

me period last year.

Interest expense for the three months ended September 30, 2009 was $1.3 million and includes $1.1 million representing the non-cash amortization of the fair market value of warrants issued with the notes and amortized over the term of the notes and other debt costs. Cash and cash equivalents as of September 30, 2009 were $4.4 million compared to cash and cash equivalents of $1.1 million as of December 31, 2008. Derivative liabilities at September 30, 2009 was $16.3 million, this non-cash liability represents the fair market value of warrants which were previously issued with down round price protection provisions and therefore recorded as derivative liabilities. These non-cash liabilities are reported as a result of the adoption of Emerging Issues Task Force EITF 07-05

The Company recently announced completion of two registered direct offerings of common stock to institutional investors under the Company's shelf registration statement totaling $10.5 million. The $4.5 million direct offering was completed during third quarter 2009 and is included in this financial report. The $6.0 million direct offering that was announced on October 15, 2009 occurred subsequent to the end of quarter 2009 and was not included in the financial results.

The Company continues to provide information in accordance with GAAP, however, with the adoption of EITF 07-05 and its very substantial impact on our total liabilities including certain non-cash derivative liabilities and corresponding reported net losses arising from changes in the underlying market value of Cardium's common stock, Cardium believes it is also helpful for investors to receive additional information relating more specifically to the Company's operating results. Accordingly, the Company additionally provides a pro forma income statement and pro forma balance sheet which excludes the non-cash effects of EITF 07-05, amortization of the value of warrants issued w
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