Date:11/10/2009

ith debt, and stock-based compensation on its financial results and liabilities. The Company presents this information to investors as an additional tool for evaluating the Company's financial results in a manner that reflects ongoing operations and facilitates comparisons with operating results from prior periods. The presentation of this additional non-GAAP information is intended to provide investors with additional incremental tools for their review of the Company's results and is not meant to be considered in isolation or as a substitute for net income information prepared and provided in accordance with GAAP. As a result of this accounting, the balance sheet reports non-cash derivative liabilities of $16.3 million attributable to the fair market value of certain warrants. This liability represents a non-cash obligation and will be adjusted accordingly as warrants are exercised, changes in stock price occur, or when the warrants price protection provision expires. This non-cash liability has not been included as a liability in the non-GAAP reporting presentation that is included with this press release.

On July 27, 2009 Cardium reported that the NYSE Amex, based upon a review of publicly available information, including Cardium's press release dated July 24, 2009 regarding completion of the sale of Cardium's InnerCool business to Royal Philips Electronics, the Company had resolved the continued listing deficiencies referenced in the NYSE Amex LLC's letters dated December 23, 2008 and April 9, 2009. However, pursuant to Section 1009(f) of the NYSE Amex Company Guide, the Company's Plan Period will remain open until it has been able to demonstrate compliance with the continued listing standards for two consecutive quarters. If the company does not demonstrate compliance for two consecutive quarters and/or by the end of the Plan Period, June 23, 2010, the Exchange Staff may initiate delisting procedures. The exchange indicated that its conclusion
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