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

flection point within Cardium's investment portfolio, and with the appropriate strategic positioning, best-in-class products and a pipeline of innovative product opportunities, Cardium intends to advance InnerCool's therapeutic cooling and warming products into corresponding markets through the strategic sale of the business to a large and diversified medical device company or through various vertical partnering opportunities with established companies having existing sales and marketing organizations but with a continuing need for innovative, high-value content products. The Company believes this strategy is more cost-effective than building InnerCool into a fully integrated manufacturing, sales and marketing organization.

Financial Report

For the first quarter ended March 31, 2009, the Company reported a loss from operations of $3.5 million, representing a 47% reduction from year ago levels, as a result of various strategic actions initiated in the fourth quarter 2008. 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 adoption of Emerging Issues Task Force EITF 07-05, as noted above. Since the price of Cardium's common stock increased by about 125% during the first quarter, this resulted in a $9.7 million "Change in Fair Value of Derivative Liabilities," and resulted in a reported net loss for the current period of $14.7 million, or $0.31 per share, compared to a net loss of $6.7 million, or $0.16 per share for first quarter 2008. Product revenue for the first quarter 2009 was $350,000, compared to $534,000 in the same period in 2008 as InnerCool's direct sales force was reduced consistent with the Company's new business strategy which is focused on the marketing and sale of InnerCool products through corporate accounts and web-based initiatives, and ultimate
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SOURCE Cardium Therapeutics
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