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Cardium Reports on Exchange Listing With NYSE Alternext US
Date:12/30/2008

SAN DIEGO, Dec. 30 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Alternext US: CXM) reported notification from the staff of its current listing exchange indicating that the company is currently considered to be noncompliant with certain listing requirements of the NYSE Alternext US LLC (formerly the American Stock Exchange). Based on the company's quarterly report on Form 10-Q, which was filed on November 10, 2008, noncompliance was noted with respect to the requirements for minimum stockholders' equity and maintenance of a sufficient base of financial resources to support expected activities, under sections 1003(a)(i) and (iv), respectively, of the exchange's current company guide.

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

This initial notification has no current effect on the listing of the company's shares on the exchange. Rather, the company has been afforded the opportunity to submit a proposed plan to the exchange by January 23, 2009, pursuant to which the company could establish compliance with the requirements of section 1003(a)(iv) by March 23, 2009, and in compliance with all sections, including section 1003(a)(i), by June 23, 2010. If the company does not submit an acceptable plan to the exchange or does not ultimately reestablish compliance within the required timeframes, then the exchange would be expected to initiate delisting proceedings. If the company's common stock was ultimately delisted from the exchange, it would be expected to trade on the OTC Bulletin Board, a regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The company's common stock was traded on the OTC Bulletin Board until July 2007, when the company elected to instead list its shares on the American Stock Exchange.

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SOURCE Cardium Therapeutics, Inc.
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