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

tive liabilities and the non-cash changes in value are required to be recorded in the income statement quarterly.  These non-cash activities are reported as a result of the adoption of ASC 815. 

Cardium ended the year with cash and cash equivalents totaling $3.4 million compared to $1.1 million the previous year.  During 2009, the Company completed a $3.5 million financing in the form of senior subordinated secured notes with accompanying warrants and a $750,000 unsecured debt financing involving the sale of unsecured notes and accompanying warrants, which were repaid from the proceeds received from the sale of InnerCool.  In addition, two follow-on registered direct investments were made by institutional investors with gross proceeds totaling approximately $10.5 million before placement agent fees and offering expenses.  On March 15, 2010, the Company announced the completion of a common stock offering with institutional and retail investors resulting in gross proceeds of $11.3 before placement fees and offering expenses.

The total shares of common stock outstanding at December 31, 2009 were 55.2 million compared to 46.9 million shares of common stock outstanding at December 31, 2008.  The total shares of common stock outstanding following the offe
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