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Cardium Reports on Fourth Quarter and Year-End 2009 Financial Results and Recent Developments
Date:3/16/2010

span>, respectively, for the same period last year.  For the year ended December 31, 2009, research and development expense totaled $4.3 million and general and administrative expenses were $4.9 million, compared to $11.0 million and $6.5 million, respectively, for 2008.  The decrease was primarily due to reductions in the Generx Phase 3 clinical trial costs and related clinical support staff reductions and decrease in costs related to the completion of Cardium's Excellarate Phase 2b clinical study. 

Interest expense for the year ended December 31, 2009 was $6.3 million compared to $550,000 for the year ended December 31, 2008 and includes $5.3 million representing the non-cash amortization of the fair market value of warrants issued with the notes and amortized over the term of the notes and other debt costs.  The change in fair value of derivative liabilities was a favorable $11.4 million for the three months ended December 31, 2009 and an unfavorable $1.1 million for the year ended December 31, 2009, and we ended the year with derivative liabilities at December 31, 2009 of $4.8 million.  This non-cash liability represents the fair market value of warrants which were previously issued with down round price protection provisions and therefore recorded as deriva
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SOURCE Cardium Therapeutics
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