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

th debt, and stock-based compensation on its financial results and liabilities.  The Company presents this information to investors as an additional tool for evaluating the Company's financial results in a manner that reflects ongoing operations and facilitates comparisons with operating results from prior periods.  The presentation of this additional non-GAAP information is intended to provide investors with additional incremental tools for their review of the Company's results and is not meant to be considered in isolation or as a substitute for financial information presented in accordance with GAAP.  As a result of this accounting, the balance sheet reports non-cash derivative liabilities of $4.8 million attributable to the fair market value of certain warrants.  This liability represents a non-cash obligation and will be adjusted accordingly as warrants are exercised, changes in stock price occur, or when the warrants price protection provision expires.  This non-cash liability and the change in value of these derivative liabilities have not been included in the non-GAAP reporting presentation that is included with this press release.

Cardium's common stock is currently listed on the NYSE Amex (the "Exchange"). To maintain that listing, we must continue to comply with various listing standards of the Exchange, as set forth in Part 10 of the Exchange's Company Guide. In December 2008, we received a notice from the staff of the Exchange noting that, based on their review of publicly available information, we did not meet certain of the Exchange's continued listing standards related to the maintenance of a minimum level of stockholders' equity and losses from ongoing opera
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