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Cardium Announces $4.0 Million Preferred Stock Financing And Reports On Exchange Listing Compliance
Date:4/5/2013

SAN DIEGO, April 5, 2013 /PRNewswire/ -- Cardium Therapeutics (NYSE MKT: CXM) today announced that it has entered into a definitive agreement with a single institutional healthcare fund managed by Sabby Management LLC ("Sabby"), the Company's largest shareholder, for a financing of up to $4.0 million in gross proceeds. Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc., served as the exclusive placement agent on the transaction.

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"We are pleased by Sabby's additional investment in the Company, and with this financing we look forward to further building Cardium's medical opportunities portfolio, including our FDA-cleared Excellagen product which is now being introduced into targeted wound care markets," stated Christopher J. Reinhard , Cardium's Chairman and CEO.

Under the terms of the agreement, Cardium will issue up to 4,012 shares of zero coupon Series A Convertible Preferred Stock, which are non-voting. Each share of Series A Preferred Stock has a purchase price and liquidation preference of $1,000 per share while held as preferred stock, or they may be converted into 10,989 shares of voting common stock, subject to certain conversion adjustments and conditions as set forth in the certificate of designation, including a limitation which provides that the investor's ownership position in common stock cannot exceed 9.99% of Cardium's current outstanding shares of common stock.

The company also reported that in view of the proposed financing, the NYSE MKT, which is the Company's current listing exchange has granted an additional quarterly extension of the Company's listing exchange compliance plan from March 30, 2013 to June 30, 2013, although as is normal course the Company's exchange compliance would contin
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SOURCE Cardium Therapeutics
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