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Cardium Reports On Third Quarter 2013 Financial Results And Recent Business Developments
Date:11/19/2013

  • New FDA 510(k) submission for Cardium's current FDA-cleared Excellagen to reflect additional and specific structural and functional properties based on the Company's supplemental research and development activities.
  • Research collaborations with (1) Orbsen Therapeutics Ltd and the National University of Ireland, Galway, to utilize Excellagen in pre-clinical studies as a delivery agent for Orbsen's proprietary stromal cell therapy for the potential treatment of diabetic foot ulcers, and (2) researchers at Boston Children's Hospital, to assess the medical utility of Excellagen as a scaffold to seed autologous mesenchymal fetal stem cells for ex-vivo engineering of tissue grafts for transplantation into infants to potentially repair prenatally diagnosed birth defects.
  • Completion of a 1:20 reverse stock split of the Company's common stock and closing of the second tranche of the securities purchase agreement with one of its institutional investors consisting of 1,656 shares of Series A convertible preferred stock for gross proceeds of approximately $1.7 million, both of which were approved at the 2013 annual meeting of stockholders.
  • Instituted a series of cost reduction actions that include relocation of the corporate offices to a smaller and lower cost facility, reduced employee headcount and across the board salary reductions. The impact of these measures will be reflected in the fourth quarter.
  • (Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

    Report on LifeAgain Advanced Medical AnalyticsDuring the third quarter, LifeAgain Insurance Solutions, Inc., Cardium's newly-formed advanced medical data analytics business focused on the development, marketing and sale of "survivable risk" term life insurance programs, and AgencyONE, its commercialization partner, entered into agreements to market and sell term life insurance issued by Symetra Lif
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