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Cardium Reports on First Quarter 2009 Financial Results and Recent Developments
Date:5/11/2009

SAN DIEGO, May 11 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Amex: CXM) today reported its financial results for its first quarter ended March 31, 2009, and on recent developments and future outlook.

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

Cardium made significant progress in the first quarter 2009 as the Company continued to focus its efforts on the InnerCool Therapies and Tissue Repair Company subsidiaries, both of which we believe are advancing toward important asset value and monetization inflection points within Cardium's biomedical opportunities portfolio. The Tissue Repair Company made important progress on finalizing the completion of patient recruitment for its Phase 2b MATRIX clinical trial of Excellarate(TM) for the potential treatment of diabetic ulcers. At the same time, InnerCool continued forward with the successful development of the UroCool(TM) pelvic cooling catheter system, which included the submission for FDA 510(k) clearance to further enhance InnerCool's portfolio of best-in-class temperature modulation therapy medical devices.

As initially reported in November 2008, Cardium instituted several important strategic actions intended to focus and enhance its overall operating structure and generate cost efficiencies. Based on these actions, cost savings have begun to be reflected in the Company's operating results. In particular, for the first quarter of 2009, Cardium's Loss from Operations was reduced by almost 50% compared to the same period a year ago.

The first quarter 2009 financial results also include substantial non-cash charges to adjust for the fair market value of certain common stock warrants required beginning this quarter as a result of the ad
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SOURCE Cardium Therapeutics
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