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

ring announced March 15, 2010, were 77.9 million shares.

Cardium also reported that the audit opinion accompanying its consolidated financial statements for the year ended December 31, 2009, which statements were included in its Annual Report on Form 10-K filed with the Securities and Exchange Commission in March 2010, again contained a going concern qualification from its independent registered public accounting firm, Marcum LLP.  Consistent with its business strategy and as outlined in this press release, Cardium plans to raise additional funds through the strategic sale or monetization of its operating units, entering into strategic licensing agreements, through the approval and future sales of the Excellagen family of products, and/or other financing transactions.  

The Company continues to provide information in accordance with GAAP, however, with the adoption of ASC 815 and its very substantial impact on our total liabilities including certain non-cash derivative liabilities and corresponding reported net gains and losses arising from changes in the underlying market value of Cardium's common stock, Cardium believes it is also helpful for investors to receive additional information relating more specifically to the Company's operating results.  Accordingly, the Company additionally provides a pro forma income statement and pro forma balance sheet which excludes the non-cash effects of ASC 815, amortization of the value of warrants issued wi
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SOURCE Cardium Therapeutics
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