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Cardium Presents First Quarter 2011 Financial Results and Reports on Near-Term Milestones
Date:5/16/2011

.S. Patent # 6900174 and #6797287.)(ChromeMate® is a registered trademark of InterHealth Nutraceuticals, Inc.)- Continued -

Cardium Therapeutics, Inc.Selected Condensed Consolidated Results of OperationsAs of March 31, 2011Three Months Ended March 31,20112010 Revenues

$
-$
-Research and development

(491,574)(519,962)General and administrative

(1,287,885)(960,625)Loss from operations

(1,779,459)(1,480,587)Interest income (expense), net

2,6493,401Change in fair value of derivative liabilities

88,170437,370Net loss

$   (1,688,640)$   (1,039,816)Net  loss per common  share – basic and diluted

$
(0.02)$
(0.02)Weighted average common shares outstanding  – basic and diluted

83,097,96759,968,059*Please refer to the reconciliation of Non-GAAP measures included in this release.Selected Condensed Consolidated Balance Sheet Data   March 31, 2011

(Unaudited)December 31,

2010Cash and cash equivalents$
4,934,299$
,644,054Restricted cash1,325,0001,425,000Total cash6,259,2998,069,054Prepaid expenses and other current assets144,776134,044Property and equipment, net209,665234,942Other long-term assets1,051,3081,074,035Total assets$
7,665,048$
9,512,075Accounts payable and accrued liabilities$
,260,836$
,345,981Derivative liabilities484,903573,073Long-term liabilities157,191164,782Total liabilities1,902,9302,083,836Stockholder's equity 5,762,1187,428,239Total liabilities and stockholder's equity$
7,665,048$
9,512,075Cardium Therapeutics, Inc.Reconciliation of Non-GAAP MeasureAs of March 31, 2011Three Months Ended March 31, 20112010Net Loss$  (1,688,640)$  (1,039,816)Add (subtract)Stock-based compensation expense22,519120,479Change in fair value of derivative liabilities(88,170)(437,370)Non-GAAP net loss$
(1,754,291)$
(1,356,707)Non-GAAP Financial MeasureTo supplement our condensed co
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SOURCE Cardium Therapeutics
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