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

September 30, 2013, the Company had $585,000 in cash and cash equivalents, compared to $2.3 million in cash and cash equivalents on December 31, 2012.  On September 30, 2013, 7,747,228 million shares of Cardium's common stock were outstanding. 

The sale of To Go Brands is intended to monetize that business by positioning it with a diversified, fast growing platform.  Cardium's preferred stock position in Cell-nique is convertible into common stock currently representing approximately 4% of the fully-diluted common stock, it accrues an 8% annual dividend, and it comes with certain rights and preferences described in Cell-nique's articles of incorporation. Cardium could also elect to sell or otherwise monetize its preferred stock position in Cell-nique in one or more transactions.

The To Go Brands transaction also included the transfer of certain operating expenses and liabilities to Healthy Brands Collective, which will further reduce the Company's operating expenses. In addition, during third quarter, Cardium implemented certain cost reductions that include relocating the Company to a smaller corporate office, as well as headcount and salary reductions.

The Company intends to consider additional corporate development transactions designed to place its product candidates or businesses into larger organizations or with partners having existing commercialization, sales and marketing resources, and a need for innovative products. Such transactions could involve the sale, partnering or other monetization of particular product opportunities or businesses. In parallel, as the Company's businesses are advanced and corresponding valuations established, it plans to pursue new product opportunities and acquisitions with strong value enhancement potential.

Cardium has also been approached by a strategic investor interested in potentially acquiring a stake in the company at a premium to market, although we have not entered into defin
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SOURCE Cardium Therapeutics
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