Navigation Links
Cardium's InnerCool Therapies Business to Be Acquired By Royal Philips Electronics
Date:7/15/2009

SAN DIEGO, July 15 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Amex: CXM) ("Cardium") today announced that it has entered into a definitive Asset Purchase Agreement for the acquisition of Cardium's InnerCool Therapies business ("InnerCool") by Royal Philips Electronics (NYSE: PHG, AEX: PHI). The asset purchase transaction for $11.25 million, as well as the transfer of approximately $1.5 million in trade payables, is subject to customary closing conditions but is expected to close shortly. Once this transaction is complete the InnerCool business will operate within Philips' Healthcare sector.

(Logo:http://www.newscom.com/cgi-bin/prnh/20051018/CARDIUMLOGO)

"The acquisition of InnerCool by Philips represents an important step forward in Cardium's overall business strategy which is focused on the acquisition, strategic repositioning and partnering or sale of businesses within our bio-medical investment portfolio. With a substantially reduced cost structure, the proceeds from this transaction will be used to enhance Cardium's balance sheet and for working capital to support the further development of Cardium's biomedical investment portfolio and product development pipeline, particularly its Excellarate(TM) Tissue Repair product candidate, which recently completed enrollment for a key clinical study," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics and InnerCool Therapies. "We have made significant progress in developing best-in-class products and a portfolio of innovative product opportunities, and we will continue to seek additional partnering and valuation opportunities as our product opportunities and businesses advance."

About Royal Philips Electronics

Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is a diversified Health and Well-being company, focused on improving people's lives through timely innovations. As a world leader in healthcare, lifestyle and lighting, Philips integrates technologies and design into people-centric solutions, based on fundamental customer insights and the brand promise of "sense and simplicity". Headquartered in the Netherlands, Philips employs approximately 116,000 employees in more than 60 countries worldwide. With sales of EUR 26 billion in 2008, the company is a market leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as lifestyle products for personal well-being and pleasure with strong leadership positions in flat TV, male shaving and grooming, portable entertainment and oral healthcare. News from Philips is located at www.philips.com/newscenter.

About Cardium

Cardium 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 monetization's. Cardium's initial investment portfolio includes InnerCool Therapies, Inc., the Tissue Repair Company, and Cardium Biologics, medical technology companies primarily focused on the development, manufacture and sale of innovative therapeutic products and devices for cardiovascular, ischemic and related indications. News from Cardium is located at www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward-looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that the Asset Purchase Agreement will be completed in the time frame expected by the parties, or at all, the acquisition will effectively accelerate InnerCool's patient temperature modulation business or expand its market, that product modifications or launches will be successful or that the resulting products will be favorably received in the marketplace, that our products or proposed products will prove to be sufficiently safe and effective, that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive, that results or trends observed in one clinical study will be reproduced in subsequent studies, that third parties on whom we depend will behave as anticipated, or that necessary regulatory approvals will be obtained. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development, testing and marketing of therapeutic hypothermia devices and the conduct of human clinical trials, including the timing, costs and outcomes of such trials, whether our efforts to launch new devices and systems and expand our markets will be successful or completed within the time frames contemplated, our dependence upon proprietary technology, our ability to obtain necessary funding, regulatory approvals and qualifications, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2009 Cardium Therapeutics, Inc. All rights reserved.

For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics(TM) and Generx(TM) are trademarks of Cardium Therapeutics, Inc.

Tissue Repair(TM), Gene Activated Matrix(TM), GAM(TM) and Excellarate(TM) are trademarks of Tissue Repair Company.

InnerCool Therapies((R)), InnerCool((R)), Celsius Control System((R)), RapidBlue(TM), CoolBlue(TM). Accutrol((R)), Temperature Control Element((R) )and TCE((R) )and UroCool(TM) are trademarks of InnerCool Therapies, Inc. (other trademarks belong to their respective owners)


'/>"/>
SOURCE Cardium Therapeutics
Copyright©2009 PR Newswire.
All rights reserved

Related biology technology :

1. International Robotic Urology Symposium Reports on Benefits of Cooling During Robotic-Assisted Prostate Surgery and Introduces InnerCools New Investigational UroCool System
2. Cardiums InnerCool Announces First Patient Treated With New Tissue-Specific UroCool(TM) System in Robotic-Assisted Prostate Surgery Study
3. Cardiums InnerCool Announces New Tissue-Specific UroCool(TM) System for Use in Prostate Surgeries
4. Cardium Announces FDA 510(K) Clearance of InnerCools RapidBlue(TM) Endovascular System
5. Cardium Announces InnerCools New RapidBlue(TM) System Obtains CE Mark for Commercial Sale in Europe and UL certification
6. Cardiums InnerCool Therapies Unit Announces Italian Commercialization Agreement for Portfolio of Temperature Modulation Systems
7. Cardium Reports on Science Channel Series Featuring InnerCools Endovascular Cooling During Brain Surgery at Stanford University
8. Cardiums InnerCool Therapies Unit Announces European Commercialization Agreement for Portfolio of Temperature Modulation Systems
9. Novel drug discovery tool could identify promising new therapies for Parkinsons disease
10. Schering-Plough Announces Changes to its Global Collaboration with Novartis to Develop Combination Therapies for Asthma and COPD
11. AACR 100th Annual Meeting Highlights Superior Ability of InNexus DXL-Modified Anti-CD20 Antibody to Attach and Kill NHL With Safety Comparable to Approved Antibody Therapies in Preclinical Studies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/27/2016)... (PRWEB) , ... June 27, 2016 , ... Parallel ... clinical trials, announced today the Clinical Reach Virtual Patient Encounter CONSULT module ... circle with the physician and clinical trial team. , Using the CONSULT module, patients ...
(Date:6/27/2016)... June 27, 2016  Liquid Biotech ... funding of a Sponsored Research Agreement with The ... cells (CTCs) from cancer patients.  The funding will ... levels correlate with clinical outcomes in cancer patients ... will then be employed to support the design ...
(Date:6/24/2016)... 24, 2016 Epic Sciences unveiled a ... susceptible to PARP inhibitors by targeting homologous recombination ... The new test has already been incorporated into ... cancer types. Over 230 clinical trials ... pathways, including PARP, ATM, ATR, DNA-PK and WEE-1. ...
(Date:6/23/2016)... ... June 23, 2016 , ... Mosio, ... second eBook, “Clinical Trials Patient Recruitment and Retention Tips.” Partnering with experienced clinical ... eBook by providing practical tips, tools, and strategies for clinical researchers. , “The ...
Breaking Biology Technology:
(Date:5/16/2016)... 2016   EyeLock LLC , a market leader ... of an IoT Center of Excellence in ... development of embedded iris biometric applications. EyeLock,s ... and security with unmatched biometric accuracy, making it the ... DNA. EyeLock,s platform uses video technology to deliver a ...
(Date:5/9/2016)... 9, 2016 Elevay is currently ... expanding freedom for high net worth professionals seeking travel ... globally connected world, there is still no substitute for ... duplicate sealing your deal with a firm handshake. This ... taking advantage of citizenship via investment programs like those ...
(Date:4/28/2016)... BANGALORE, India , April 28, 2016 ... of Infosys (NYSE: INFY ), and Samsung SDS, ... partnership that will provide end customers with a more ... payment services.      (Logo: http://photos.prnewswire.com/prnh/20130122/589162 ) ... financial services, but it also plays a fundamental part in ...
Breaking Biology News(10 mins):