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Cardium Reports on First Quarter 2009 Financial Results and Recent Developments

) Gross profit 161,819 - 161,819 275,306 Research and development 1,426,728 - 1,426,728 3,372,480 Selling, general and administrative 2,025,035 - 2,025,035 3,385,566 Amortization - Intangibles 197,414 - 197,414 197,414 Loss from operations (3,487,358) - (3,487,358) (6,680,154) Interest income (expense), net (1,592,890) - (1,592,890) (53,974) Change in fair value of derivative liabilities (9,656,629) 9,656,629 - - Net loss $(14,736,877) 9,656,629 $(5,080,248) $(6,734,128) Net loss per common share - basic and diluted $(0.31) $(0.11) $(0.16) Weighted average common shares outstanding - basic and diluted 46,930,439 46,930,439 40,709,247

                  Selected Condensed Consolidated Balance Sheet Data

                             March 31,               Pro forma    December 31,
                               2009      EITF 07-05  March 31,       2008
                           (Unaudited)     Effect*     2009*       (Audited)

    Cash and cash
     equivalents           $1,426,967         -      $1,426,967    $1,102,894
    Accounts receivable,
     net                      278,879         -         278,879       296,116
    Inventories, net        1,917,769         -       1,917,769     2,000,385
    Prepaid expenses
     and other
     current assets           744,464         -         744,464       642,246
    Property and equipment,
     net                    1,525,297         -       1,525,297     1,706,065
    Patented technology
     and intangibles,
SOURCE Cardium Therapeutics
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