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Cardium and SourceOne Global Partners Enter Into Cross-Strategic Equity Investment with Plans to Jointly Develop Nutritional Supplements and Medical Foods
Date:12/21/2011

ceutical products, as well as pharmaceutical and medical food product candidates designed to support cardiovascular health. We believe Cardium's extensive clinical research and development experience, combined with their business acumen, will be instrumental in expanding our leadership role in the nutritional marketplace." 

Under the agreement, Cardium has made a $0.75 million equity investment in the form of unregistered, restricted Cardium shares to acquire rights to a 15% ownership interest in SourceOne Global Partners.  Cardium's ownership interest was acquired through the issuance into escrow of 1.5 million shares of Cardium common stock based on a $0.50 per share value representing a 70% premium above the closing price of Cardium stock on December 19, 2011.  The shares would be held in escrow and subject to release in four allotments at 6, 9, 12 and 18 months following the closing date.  Cardium also has certain rights to maintain its proportionate ownership interest in SourceOne, and to acquire SourceOne in the event SourceOne were to receive an offer from a third-party acquiror.

In parallel with the cross-equity investment and acquisition of an ownership interest in SourceOne, Cardium also received a license for a portfolio of nutraceutical, pharmaceutical and medical food product opportunities for a licensing fee of $0.75 million, which SourceOne applied to the purchase of 1.5 million restricted shares of Cardium common stock at $0.50 per share, which shares are to be held in escrow for six months and subject to release at future dates thereafter based on Cardium's advancement of certain jointly-developed products.  Under terms of the licensing arrangement, Cardium received a fully-paid-up license to commercialize formulations of various SourceOne ingredients to be marketed as nutraceuticals, pharmaceuticals and/or medical foods.  In addition, Cardium can designate up to ten products to be jointly developed by t
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SOURCE Cardium Therapeutics
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