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Cardium Reports on Third Quarter 2010 Financial Results and Recent Developments
Date:11/9/2010

eptember 30, 2009 included a $6.4 million gain on the sale of our InnerCool business unit.  For the nine months ended September 30, 2009 the decrease in net loss was due to a $5.9 million decrease in interest expense related to notes that were paid off in the fourth quarter of 2009 as well as a $12.5 million positive adjustment to the non-cash change in fair market value of certain common stock warrants we recorded as derivative liabilities upon the adoption of ASC 815 (formerly Emerging Issues Task Force EITF 07-05), recorded in "Change in Fair Value of Derivative Liabilities" when comparing year over year.  Research and development costs for the three months ended September 30, 2010 totaled $0.7 million and general and administrative expenses were $1.1 million, compared to $1.2 million and $1.3 million, respectively, for the same period last year.  As of September 30, 2010, the Company had a total of $9.1 million in cash ($7.7 million in cash and $1.4 million in restricted cash) compared to total cash of $4.8 million ($3.4 million in cash and $1.4 million in restricted cash) for the same period last year.  As of November 5, 2010, approximately 78.6 million shares of Cardium's common stock were outstanding.

About CardiumCardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses that have the potential to address significant unmet medical needs and definable pathways to commercialization, partnering and other economic monetizations.  Cardium's current investment portfolio includes the Tissue Repair Company, Cardium Biologics, and the Company's in-house MedPodium lifestyle medicinals brand platform.  The Company's lead product candidates include: (1) Excellagen™ topical gel, for wound care management, which Cardium plans to market launch in the fourth quarter subject to pending FDA 510(k) clearance; and (2) Generx®, a DNA-based angiogeni
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SOURCE Cardium Therapeutics
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