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Cardium Presents Year-End 2012 Financial Results And Recent Developments
Date:4/5/2013

as the catalyst for the acquisition of To Go Brands, Inc.  Research and development costs for the three months ended December 31, 2012 totaled $0.5 million and selling, general and administrative expenses were $1.8 million, compared to $0.7 million and $1.2 million, respectively, for the same period last year. 

Cardium ended the 2012 year with a total of $2.3 million in cash compared to $4.7 million in the previous year.  During the year ended December 31, 2012, the Company raised $4.6 million in net proceeds through the completion of a registered direct equity financing with three institutional and accredited investors with the issuance of 17.9 million shares of Cardium common stock priced at $0.28 per share with no warrant coverage and through the sale of 5.2 million shares of common stock under at-the-market transactions for net proceeds of $1.9 million.  In connection with the acquisition of the To Go Brands, Inc., the Company issued 9.6 million unregistered shares of common stock.  The total shares of common stock outstanding at December 31, 2012 were 129.2 million compared to 96.6 million shares of common stock outstanding at December 31, 2011.

During the period since December 31, 2012, cash flows from financing activities include the sale of 343,749 shares of common stock in at-the-market transactions for net proceeds of $65,743, and as reported today, Cardium has entered into a definitive agreement with Sabby Management LLC ("Sabby"), the Company's largest shareholder, for a preferred stock financing of up to $4.0 million in gross proceeds.  A more complete description of the terms and conditions of the financing is provided in a press release dated today and will be available in the Form 8-K to be filed by the Company with the Securities and Exchange Commission. 

In first quarter 2013, the Company reported that its exchange listing compliance plan submitted on December 6, 2012 had been accepted by
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SOURCE Cardium Therapeutics
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