Cardium Reports on Second Quarter 2008 Highlights and Financi...(uded research and developmentcosts total...),Health

Date:8/11/2008

uded research and development costs totaling $4.0 million and selling, general and administrative expenses of $2.7 million. Non-cash charges relating to stock-based compensation, depreciation and amortization for the second quarter of fiscal 2008 totaled $943,000. Total revenue for the second quarter 2008 was $627,000, compared to $229,000 for the same quarter last year. The increase in revenue was a result of an increase in InnerCool sales resulting from our expanded sales and marketing efforts and an increase in the level of activity on the grant at our subsidiary Tissue Repair Company. Cash and cash equivalents as of June 30, 2008 were $4.1 million. In July 2008, the Company used $3.1 million to pay off the principal balance on its commercial credit facility, thereby retiring its remaining debt obligations to Life Sciences Capital; and completed a registered direct investment resulting in gross proceeds of approximately $3.34 million, before placement agent fees and offering expenses and excluding any future proceeds from the exercise of the warrants issued in the offering.

About Cardium

Cardium Therapeutics, Inc. and its subsidiaries, InnerCool Therapies, Inc. and the Tissue Repair Company, are medical technology companies primarily focused on the development, manufacture and sale of innovative therapeutic products and devices for cardiovascular, ischemic and related indications. Cardium's lead product candidate, Generx (alferminogene tadenovec, Ad5FGF-4), is a DNA-based growth factor therapeutic being developed for potential use by interventional cardiologists as a one-time treatment to promote and stimulate the growth of collateral circulation in the hearts of patients with ischemic conditions such as recurrent angina. For more information about Cardium Therapeutics and its businesses, products and therapeutic candidates, please visit http://www.cardiumthx.com or view its 2007 Annual Report at
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