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Cardium Announces Plans to Acquire Transdel Pharmaceuticals Phase 3 Topical Analgesic and Cosmeceutical Business Assets
Date:6/27/2011

(sold by Endo Pharmaceuticals under license from Novartis) and Pennsaid® (sold by Covidien under license from Nuvo Research) – all of which are based on diclofenac (epolamine or sodium).  Ketotransdel represents a new class of topical NSAID based on an active ingredient, ketoprofen, that is widely used in Europe and is available as a prescription drug in other forms in the U.S.

Cardium would also acquire Transdel's cosmeceutical business rights, which currently include royalty-based licensing arrangements with JH Direct LLC and Jan Marini Skin Research covering the use of Transdel's innovative delivery technology for cosmeceutical products.

"The proposed purchase of the business assets of Transdel Pharmaceuticals further broadens our technology and late stage product platform, and provides additional opportunities for potential commercialization, partnering or other monetization, now that our InnerCool Therapies business has been successfully sold to Philips Healthcare," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium.

Under the terms of the asset purchase agreement, which remains subject to the satisfaction of various conditions including approval of the transaction by the Federal bankruptcy court, Cardium would acquire substantially all of Transdel's business assets for the payment of up to $4.0 million in consideration in the form of unregistered shares of Cardium common stock priced at a minimum of $0.50 per share – including $1.0 million of which that would be a contingent value payment to be held in escrow, which would only be released upon successful registration of Ketotransdel by the U.S. Food & Drug Administration within five years of the closing.  Payment would be made in the form of unregistered restricted shares of Cardium common stock priced at $0.50 per share, or if higher, the closing price of Cardium's common stock on the closing date o
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SOURCE Cardium Therapeutics
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