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

ly vertical partnering with larger organizations having already established marketing and sales organizations. Grant revenue for the first quarter 2009 was $18,000 compared to $112,000 for the same quarter last year. Research and development costs for the three months ended March 31, 2009 totaled $1.4 million and selling, general and administrative expenses were $2.0 million, compared to $3.4 million and $3.4 million respectively for the same period last year. Cash and cash equivalents as of March 31, 2009 were $1.4 million, compared to cash and cash equivalents of $6.3 million as of March 31, 2008. Interest expense for the three months ended March 31, 2009 was $1.6 million and includes $1.3 million representing the amortization of debt costs and warrant value issued with the debt. During the first quarter 2009, the Company completed a secured debt financing resulting in gross proceeds of approximately $3.5 million, before placement agent fees and offering expenses and excluding any future proceeds from the exercise of the warrants issued in the financing.

The Company continues to provide information in accordance with GAAP. However, with the adoption of EITF 07-05 and its very substantial impact on our overall reported net losses, varying substantially based on changes in the underlying market value of Cardium's common stock, the Company believes it is also helpful for investors to receive additional information relating more specifically to the Company's operating results. Accordingly, the Company additionally provides a pro forma income statement and pro forma balance sheet which excludes the non-cash effects of EITF 07-05 on its financial results. The Company presents this information to investors as an additional tool for evaluating the Company's financial results in a manner that reflects ongoing operations and facilitates comparisons with operating results from prior periods. The presentation of this additional non-GAAP information i
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