Navigation Links
Cardium Announces Receipt of $1.1 Million in Funds from Philips' Acquisition of Innercool Therapies
Date:8/18/2011

SAN DIEGO, Aug. 18, 2011 /PRNewswire/ -- Cardium Therapeutics (NYSE Amex: CXM) today reported that it had received funds corresponding to the final $1.1 million payment from Royal Philips Electronics in connection with Philips' acquisition of Innercool Therapies from Cardium.  The release of funds from restricted cash represents the receipt of all amounts escrowed in connection with the Innercool acquisition by Philips, less an adjustment of approximately $50,000 to correct for working capital revisions and costs in connection with the closing of the $11.25 million transaction.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

"Cardium's strategic repositioning and sale of Innercool Therapies to one of the world's leading companies providing healthcare and other products, represents the first monetization from the Company's biomedical investment portfolio, and we are now focused on other opportunities with the potential for future partnering," noted Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium.

About Cardium

Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses that have the potential to address significant unmet medical needs and definable pathways to commercialization, partnering and other economic monetizations.  Cardium's investment portfolio includes the Tissue Repair Company and Cardium Biologics, medical technology companies primarily focused on the development of innovative therapeutic products for wound healing, bone repair, and cardiovascular indications.  In July 2009, Cardium completed the sale of its Innercool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company's biomedical investment portfolio.  News from Cardium is located at www.cardiumthx.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations.  For example, there can be no assurance that other opportunities with the potential for future partnering will be successfully or timely advanced; that our stockholder's equity can be increased and maintained to a sufficient level to satisfy ongoing compliance with the requirements of our listing stock exchange; that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures, or that clinical studies even if successful will lead to product advancement or partnering; that the U.S. Food and Drug Administration (the "FDA") will grant marketing clearance of our product candidates or that we or a partner can successfully introduce these or additional products into markets in the U.S. or elsewhere; that our product candidates will prove to be sufficiently safe and effective; that our product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive; that our clinical study programs can be conducted and completed in an efficient and successful manner; that the FDA or other regulatory clearances or other certifications, or other commercialization efforts will be successful or will effectively enhance our businesses or their market value; that our products or product candidates will prove to be sufficiently safe and effective after introduction into a broader patient population; or that third parties on whom we depend will perform as anticipated.

Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, risks and uncertainties that are inherent in the development of complex biologics and in the conduct of human clinical trials, including the timing, costs and outcomes of such trials, our ability to obtain necessary funding, regulatory approvals and expected qualifications, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings we make with the Securities and Exchange Commission.  Except as required by law, we undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.

Copyright 2011 Cardium Therapeutics, Inc.  All rights reserved.

For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™, Excellagen™, Excellarate™, Osteorate™, MedPodium™, Appexium™, Linee™, Alena™, Cerex™ and Nutra-Apps™ are trademarks of Cardium Therapeutics, Inc. or Tissue Repair Company.

(Other trademarks belong to their respective owners)


'/>"/>
SOURCE Cardium Therapeutics
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Cardium Presents Second Quarter 2011 Financial Results and Reports on Near-Term Milestones
2. Cardium Provides Update on Excellagen 510(K) Registration and Commercialization Plans
3. Cardium Reports on Transdel Transaction
4. Cardium Announces Market Introduction of New Alena™ Clinical Strength Carb Blocker to Expand the MedPodium Healthy Lifestyle Product Line
5. Cardium Announces Plans to Acquire Transdel Pharmaceuticals Phase 3 Topical Analgesic and Cosmeceutical Business Assets
6. Cardium Announces Cedars-Sinai Heart Institute as the SPECT Imaging Core Lab for the Recently Announced Generx® Phase 3 Clinical Registration Study in the Russian Federation
7. Cardium Presents First Quarter 2011 Financial Results and Reports on Near-Term Milestones
8. Cardium to Present at OneMedForum San Francisco 2011 Conference
9. Cardium Announces New Research Findings: Excellagen Product Candidate Activates Platelet Release of PDGF, an Important Growth Factor Fundamental to the Wound Healing Process
10. Cardium Reports on Fourth Quarter and Year-End 2009 Financial Results and Recent Developments
11. Cardium Presents at Tenth Annual Wound Healing: Science and Industry Conference on Matrix Wound Healing Clinical Development
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/29/2017)... March 29, 2017 Varian Medical Systems (NYSE: ... for the second quarter of fiscal year 2017 following the ... news release will be followed by a teleconference available to ... and a link to the conference call webcast will be ... access the teleconference call and replay: ...
(Date:3/29/2017)... AMSTERDAM , March 29, 2017   ... global leader in health technology, and PathAI, a ... are collaborating with the aim to develop solutions ... diagnosis of cancer and other diseases. The partnership ... pathology, enabling this form of artificial intelligence to ...
(Date:3/29/2017)... AVIV, Israel , March 29, 2017 ... agreement in which Exeltis will obtain exclusive marketing rights for Neurim,s ... ... an age-appropriate drug targeted to treat sleep disorders in children with ... be the first sleep medication approved for children. The ...
Breaking Medicine Technology:
(Date:3/29/2017)... ... March 29, 2017 , ... Based ... into the challenges employers face in trying to balance both short-term and long-term ... programs? Adding to the growing complexity, companies are finding that the short-term ...
(Date:3/29/2017)... ... ... Dr. Angela Cotey, a noted general dentist in Mt. Horeb, is now ... without a referral. Dr. Cotey knows that interceptive orthodontics in Mt. Horeb, ... receive early treatment, they may achieve straight teeth with less treatment in their teenage ...
(Date:3/29/2017)... Md., and MINNETONKA, Minn. (PRWEB) , ... March ... ... the development of medical office buildings (MOBs) and other outpatient facilities, and who ... project to look exclusively at those questions, Revista and Healthcare Real Estate Insights ...
(Date:3/29/2017)... ... ... Curio Wellness , a premium medical cannabis brand and trusted healthcare ... team with prominent executives from both inside and outside the cannabis industry. , ... Dumbauld , who has more than twenty years of business leadership and investment experience ...
(Date:3/29/2017)... ... , ... HealthCareMandA.com will host an important webinar — Home Health & Hospice: ... recording of the webinar will also be made available following its live presentation. The ... are still popular targets for healthcare investors. This highly fragmented sector bounced back in ...
Breaking Medicine News(10 mins):