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Cardium Presents First Quarter 2013 Financial Results And Reports On Recent Developments
Date:5/15/2013

60; The decrease was the result of decreased expenses related to the development of Excellagen, partially offset by increased costs associated with the Company's ongoing Generx ASPIRE study.  After taking into account a one-time expense totaling $100,000 of product and testing in association with Excellagen, to validate higher level production volumes, and related cost efficiency improvements, research and development expenses in the first quarter 2103 were overall reduced by 46% when compared to the first quarter 2012.  Selling, general and administrative expenses for the three-month period ended March 31, 2013 were $1.7 million, compared to $1.5 million for the same period in 2012.  The increase was primarily due to costs associated with To Go Brands operations. 

For the three months ended March 31, 2013, the Company reported a lower net loss of $2.2 million, or $(0.02) per share, when compared to a net loss of $2.6 million, or $(0.02) per share for the three months ended March 31, 2012.  The decrease in net loss was due to cost reductions and increased sales revenue. 

As of March 31, 2013, the Company had $0.4 million in cash and cash equivalents and working capital was $0.8 million.  Net cash used in operating activities was $2.1 million for the three months ended March 31, 2013, compared to $2.2 million for the three months ended March 31, 2012.  The decrease in net cash used in operating activities was due primarily to an increase in product sales, and decreases in testing and process validation costs for the initial inventory of Cardium's Excellagen wound care product. 

As reported on April 5, 2013, subsequent to the end of the quarter, the Company raised an additional $2.2 million in net proceeds in a preferred stock financing.  In April 2013, Cardium entered into a securities purchase agreement with one of its institutional investors pursuant to which it agreed to sell to the investor
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3. Cardium Presents Year-End 2012 Financial Results And Recent Developments
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