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

For the fourth quarter ended December 31, 2009, the Company reported net income of $9.3 million, or $0.17 per share, compared to a net loss of $5.1 million, or $(0.11) per share for the same period in 2008.  For the year ended December 31, 2009, Cardium reported a net loss of $11.7 million, or $(0.24) per share, compared to a net loss of $24.6 million, or $(0.55) per share for the year ended December 31, 2008.  The fourth quarter 2009 financial results also include an $11.4 million favorable adjustment to income for the non-cash change in fair market value of certain common stock warrants we recorded as derivative liabilities upon the adoption of ASC 815 (formerly Emerging Issues Task Force EITF 07-05), recorded in  "Change in Fair Value of Derivative Liabilities."  Grant revenue for the year ended December 31, 2009 was $445,000 compared to $417,000 for the previous year.

Research and development costs for the three months ended December 31, 2009 totaled $774,000 and general and administrative expenses were $1.0 million, compared to $2.0 million and $1.6 million'/>"/>

SOURCE Cardium Therapeutics
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