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

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The sale of the To Go Brands unit is Cardium's second development and monetization of a portfolio business. Its InnerCool subsidiary was advanced and sold to a U.S. affiliate of Philips for approximately $12.5 million.Financial ReportProduct sales for the three months ended September 30, 2013 totaled $472,000, compared to $5,600 for the same period in 2012.  Product sales for the nine months ended September 30, 2013 were $1.7 million, compared to $39,000 for the nine months ended September 30, 2012.  The increase in product sales was comprised of sales from the Company's To Go Brands health sciences business, which Cardium acquired in late September 2012.Cardium's research and development costs for the third quarter ended September 30, 2013 totaled $0.3 million, and selling, general and administrative expenses were $1.6 million, compared to $0.5 million and $1.4 million, respectively, for third quarter ended September 30, 2012.  For the nine months ended September 30, 2013, research and development costs were $1.6 million, and selling, general and administrative expenses were $5.3 million, compared to $2.1 million and $4.4 million, respectively, for the nine months ended September 30, 2012.  Research and development expenses for the nine months ended September 30, 2013 included milestone payments and out-of-pocket costs for the ASPIRE study and product and testing costs for validating production volume and cost efficiency improvements for Excellagen.

For the three months ended September 30, 2013, the Company reported a net loss of $1.9 million, or $(0.28) per share, when compared to a net loss of $1.9 million, or $(0.32) per share for the three months ended September 30, 2012.  For the nine months ended September 30, 2013, the Company reported a net loss of $6.6 million, or $(0.99) per share, compared to a net loss for the nine months ended September 30, 2012 of $6.4 million, or $(1.10) per share.  As of
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