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Cardium Reports on Transdel Transaction
Date:7/28/2011

SAN DIEGO, July 28, 2011 /PRNewswire/ -- Cardium Therapeutics (NYSE Amex: CXM) today provided an update regarding its plan to acquire substantially all of Transdel Pharmaceuticals' business assets in connection with a proposed asset purchase under Chapter 11 of the U.S. Bankruptcy Code. As described on June 27, 2011, the completion of such an asset purchase is subject to a number of conditions, including approval of the bankruptcy court.  In an effort to expedite the proposed transaction, Transdel and Cardium asked the bankruptcy court to approve the sale under Section 363 of the Bankruptcy Code, which does not require the filing of a plan subject to approval of creditors.  In support of that request, Transdel's major creditor had filed a declaration in favor of Cardium's proposed purchase, but subsequently opposed the sale, potentially to offer a plan of its own, which led to the court denying Transdel's motion for expedited approval.

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"Cardium's business model is focused on the opportunistic acquisition of assets having the potential for significant upside valuation," noted Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium.  "In that regard, we will continue to evaluate our options with respect to this and other business opportunities under consideration, consistent with our strategy of acquiring businesses with favorable valuations and clearly defined pathways to commercialization or other monetization," added Mr. Reinhard.

About Cardium

Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses that have the potential to address significant unmet medical needs and definable pathways to commer
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SOURCE Cardium Therapeutics, Inc.
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