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

the NYSE MKT.  As previously reported, a communication from the staff of the Company's current listing exchange indicated that the Company was considered to be noncompliant with certain listing requirements based on its quarterly report for the period ended September 30, 2012, and provided that the Company should submit a plan to staff of the exchange that would re-establish compliance with the NYSE MKT listing requirement by March 31, 2013.  On December 6, 2012, the Company reported that it had submitted a plan designed to reestablish compliance with the exchange's requirement, and reported on January 16, 2013 that the plan had been accepted by the listing exchange.  The Company reports that in view of the proposed preferred stock financing, the NYSE MKT has granted an additional quarterly extension of the listing exchange compliance plan from March 31 to June 30, 2013, although as is normal course, the Company's exchange compliance would continue to be evaluated on an ongoing basis.

The Company also indicated that similar to 2011, the audit opinion accompanying its consolidated financial statements for the year ended December 31, 2012, will contain a going concern qualification from its independent registered public accounting firm, Marcum LLP.  Consistent with its business strategy and as outlined in this press release, Cardium plans to raise additional funds through the strategic sale or monetization of its operating units, entering into strategic licensing agreements, through the future sales of Excellagen and To Go Brand's products, and/or other financing transactions.

Excellagen Commercialization PlansSince the introduction of Excellagen, the Company has entered into agreements with selected regional sales distributors and independent sales representatives to market Excellagen into their specific geographic and special markets.  These agreements allow for flexible transitions as strategic partnerships are achieved. 
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SOURCE Cardium Therapeutics
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