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Cardium Presents Third Quarter 2012 Financial Results and Reports on Recent Developments
Date:11/14/2012

mpared to $1.9 million for the nine months ended September 30, 2011.  The increase in costs for the nine-month period was primarily due to expenses related to the commercial development of Excellagen and the Company's Generx ASPIRE clinical study.  Selling, general and administrative expenses for the three-month period ended September 30, 2012 were $1.4 million, compared to $1.2 million for the three months ended September 30, 2011. For the nine months ended September 30, 2012, selling, general and administrative expenses were $4.4 million, compared to $3.6 million for the nine months ended September 30, 2011.  The increase in selling, general and administrative expenses for the nine-month period was primarily due to expenses related to the costs associated with the market introduction of Excellagen and preparations to support and facilitate strategic partnering activities, and for Cardium's nutraceutical initiative, which served as the catalyst for Cardium's recent acquisition of the business assets of To Go Brands, Inc., which includes a portfolio of more than 25 products sold through mass, food and drug channels at retailers including Whole Foods®, CVS®, Kroger®, GNC®, Jewel-Osco®, Ralph's Supermarkets®, Meijr®, and the Vitamin Shoppe®, and from the company's web-based store.

Cardium's Quarterly Report on Form 10-Q filed with the SEC today presents in footnote three unaudited pro forma consolidated financial information which includes To Go Brands for the period ended September 30, 2012 and 2011.  The pro forma financial information includes net sales of To Go Brands for the nine months ended September 30, 2012 totaling $2.1 million, with a net loss of $0.4 million.
Excluding revenue from the To Go Brands business, revenue for the nine months ended September 30, 2012 totaled $39,000, including $5,600 for the
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