Cardium Presents Third Quarter 2012 Financial Results and Reports on Recent Developments

 Cardium Presents Third Quarter 2012 Financial Results and Reports on Recent
                                 Developments

PR Newswire

SAN DIEGO, Nov. 14, 2012

SAN DIEGO, Nov. 14, 2012 /PRNewswire/ --Cardium Therapeutics (NYSE MKT: CXM)
today presented its financial results for the third quarter ended September
30, 2012 and reported on other recent developments including: (1) acquisition
of the business assets and product portfolio of To Go Brands^® healthy
nutraceutical supplement brand platform with over 25 products being developed
and sold in a number of food, drug and mass channel retailers, for which net
sales for the first three quarters of 2012 was approximately $2.1 million (as
reported below); (2) formation of the Excellagen Medical Advisory Board
comprising leading practitioners, clinicians and researchers with diversified
expertise in the field of advanced wound care; (3) Excellagen poster
presentations at the Desert Foot 9^th Annual High Risk Diabetic Foot
Conference; (4) advancement of international registrations for Excellagen^®,
including CE Mark registration to enable marketing and sale in the European
Union, which is expected by early 2013; (5) Excellagen featured in October
2012 Podiatry Management's Profiles in Excellence 2012; (6) selection of
Excellagen as one of the top ten podiatry innovations in 2012 by Podiatry
Today publication; and (7) publication of important pre-clinical research
findings that have been incorporated into the treatment protocols of the
Company's international Generx^® ASPIRE Phase 3 registration study for
patients with advanced coronary disease.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

Third Quarter 2012 Financial Highlights

Cardium's research and development costs for the three months ended September
30, 2012 totaled $508,000, compared to $579,000 for the three months ended
September 2011. Research and development costs for the nine months ended
September 30, 2012 were $2.1 million, compared to $1.9 million for the nine
months ended September 30, 2011. The increase in costs for the nine-month
period was primarily due to expenses related to the commercial development of
Excellagen and the Company's Generx ASPIRE clinical study. Selling, general
and administrative expenses for the three-month period ended September 30,
2012 were $1.4 million, compared to $1.2 million for the three months ended
September 30, 2011. For the nine months ended September 30, 2012, selling,
general and administrative expenses were $4.4 million, compared to $3.6
million for the nine months ended September 30, 2011. The increase in
selling, general and administrative expenses for the nine-month period was
primarily due to expenses related to the costs associated with the market
introduction of Excellagen and preparations to support and facilitate
strategic partnering activities, and for Cardium's nutraceutical initiative,
which served as the catalyst for Cardium's recent acquisition of the business
assets of To Go Brands, Inc., which includes a portfolio of more than 25
products sold through mass, food and drug channels at retailers including
Whole Foods^®, CVS^®, Kroger^®, GNC^®, Jewel-Osco^®, Ralph's Supermarkets^®,
Meijr^®, and the Vitamin Shoppe^®, and from the company's web-based store.

Cardium's Quarterly Report on Form 10-Q filed with the SEC today presents in
footnote three unaudited pro forma consolidated financial information which
includes To Go Brands for the period ended September 30, 2012 and 2011. The
pro forma financial information includes net sales of To Go Brands for the
nine months ended September 30, 2012 totaling $2.1 million, with a net loss of
$0.4 million. Excluding revenue from the To Go Brands business, revenue for
the nine months ended September 30, 2012 totaled $39,000, including $5,600 for
the third quarter ended September 30, 2012. Since the introduction of
Excellagen, the Company's marketing efforts have been focused on product
sampling to key opinion leaders to support physician-based post-marketing case
studies, to "seed" the use of Excellagen in the wound care market, and to
further support and enhance strategic partnering activities.

For the three months ended September 30, 2012, the Company reported a net loss
of $1.9 million, or $(0.02) per share, compared to a net loss of $1.6 million,
or $(0.02) per share for the three months ended September 30, 2011. For the
nine months ended September 30, 2012, the Company reported a net loss of $6.4
million, or $(0.06) per share, compared to a net loss for the nine months
ended September 30, 2011 of $5.1 million, or $(0.06) per share. As of
September 30, 2012, the Company had a total of $4.5 million in cash compared
to $4.7 million in cash at the end of December 31, 2011. Working capital at
September 30, 2012 was $4.8 million. As of September 30, 2012, 129.2 million
shares of Cardium's common stock were outstanding.

Excellagen Commercialization Activities

In third quarter 2012, Cardium announced the formation of the Excellagen
Medical Advisory Board, comprising leading practitioners, clinicians and
researchers with diversified expertise in the field of advanced wound care,
and the selection of Excellagen as one of the top ten podiatry innovations in
2012 by Podiatry Today publication. Recently, the Company announced the
publication of an Excellagen Profiles in Excellence 2012 article in Podiatry
Management and two poster presentations at the Desert Foot 2012 High Risk
Diabetic Foot Conference in Phoenix, AZ. Arthur J. Tallis, DPM, President and
Medical Director of Associated Foot & Ankle Specialists in Phoenix, AZ,
presented the results of three Excellagen case studies including a venous leg
ulcer, neuropathic diabetic foot ulcer and dehisced surgical wound. In
addition, Howard M. Kimmel, DPM, MBA, FACFAS, Senior Clinical Instructor, Case
Western Reserve University School of Medicine, in Cleveland, OH, presented the
results of two Excellagen diabetic foot ulcer case studies. Drs. Tallis and
Kimmel's poster presentations and the Podiatry Management article can be
viewed at http://www.excellagen.com/meetings-and-publications.html.
Additional Excellagen case studies are available at
http://www.excellagen.com/surgical-wounds.html.

There have also been important, positive findings reported by physicians now
using Excellagen as part of our initial physician sampling, patient outreach
and market "seeding" programs. As case studies are being conducted, a number
of physicians have reported observing a rapid onset of the growth of
granulation tissue in a wide array of wounds, including classic non-healing
diabetic foot ulcers (consistent with the results of Cardium's Matrix clinical
study), as well as pressure ulcers, venous ulcers, and Mohs surgical wounds.
In certain cases, rapid granulation tissue growth and wound closure have been
reported using Excellagen's wound care management therapy following
unsuccessful treatment with other advanced wound care approaches. From a
dermatology perspective, a previously unexplored vertical market, remarkable
biological healing responses have been observed following cancer-related Mohs
surgery for patients diagnosed with squamous and basal cell carcinomas,
including deep surgical wounds extending to the periosteum (a membrane that
lines the outer surface of bones). Additionally, because of the easy-use, and
platelet activating capacity, physicians have been employing Excellagen in
severe non-healing wounds at near-amputation status, in combination with
autologous platelet-rich plasma therapy and collagen sheet products. These
case studies and physician feedback provide additional information regarding
the potential uses of Excellagen and support its medical utility as an
important new tool to help promote the wound healing process.

Since receiving FDA clearance for Excellagen, Cardium has established cGMP
out-sourced manufacturing and supply with UK-based Angel Biotechnology,
developed cold chain logistics and distribution with Smith Medial Partners,
initiated a pathway toward securing private payer and government product
reimbursement, including Centers for Medicare & Medicaid Services (CMS), and
assembled an internal strategic and tactical sales and marketing team.
Already-established standard CPT^® procedure reimbursement codes may apply
when Excellagen is used is administered with surgical debridement procedures.
The Company is currently engaged in physician relationship building with key
opinion leaders, product sampling, practice integration, and building a
portfolio of physician case studies. Excellagen is a key asset in Cardium's
medical opportunities portfolio and represents the first product from the
Company's regenerative medicine platform. Excellagen has been engineered to
serve as a delivery platform enabling multiple device and therapeutic product
extensions (via 510(k) and IDE pathways) to include Excellagen-based
antimicrobials, small molecule drugs, peptides, conditioned cell media, stem
cells and DNA-based biologic products. A detailed presentation on
Excellagen's commercialization status can be viewed at
http://phx.corporate-ir.net/phoenix.zhtml?c=77949&p=irol-presentations.

Consistent with its long-term business strategy, and similar to the business
strategy for the Company's InnerCool operating unit, which was successfully
developed and sold to Philips Electronics, Cardium does not plan to establish
an internal sales force for Excellagen. The Company is currently in
discussions with strategic partners to establish representation, marketing and
sales, or co-promotional arrangements into four U.S. vertical wound healing
market channels: (1) podiatry, (2) wound care centers, hospitals, and
long-term care facilities, (3) government agency providers (such as the U.S.
Department of Veterans Affairs and Bureau of Indian Affairs), and (4)
dermatology. The Company does not plan to increase marketing and selling
expenses for Excellagen beyond current levels in expectation of completing
strategic partnering transactions that would cover the marketing and sale of
Excellagen into these vertical markets. This commercialization strategy is
similar to other companies in the advanced wound care space. For example,
GraftJacket^® products developed by Wright Medical are now being marketed and
sold by Kinetic Concepts Inc.; TEI Biosciences' products are being sold by
Boston Scientific, Medtronic and Stryker; and Cook Medical's Oasis^® products
are currently being marketed and sold by Healthpoint Biotherapeutics.

Internationally, Cardium plans to obtain a CE Mark for the potential marketing
and sale of Excellagen in the European Union, which consists of 27 member
countries. The Company expects to be in a position to obtain a CE Mark for
Excellagen in early 2013. Cardium also has a marketing and distribution
agreement with BL&H Co. for the marketing and sale of Excellagen in South
Korea, which is currently advancing through the regulatory and reimbursement
pricing process. In addition, Advanced Biosciences Research, an affiliate of
bioRASI, is assisting Cardium for the planned commercialization of Excellagen
in Russia and the eight additional member countries comprising the
Commonwealth of Independent States (CIS).

About Excellagen

Excellagen is a syringe-based, professional-use, pharmaceutically-formulated
2.6% fibrillar Type I bovine collagen gel that functions as an acellular
biological modulator designed to accelerate the growth of granulation tissue
and to activate the wound healing process. Excellagen is FDA-cleared for the
treatment of neuropathic and diabetic foot ulcers, pressure ulcers, venous
ulcers, surgical wounds, and other dermal wounds, and is intended for
professional use following standard debridement procedures in the presence of
blood cells and platelets, which are involved with the release of endogenous
growth factors. Excellagen's unique high-molecular weight fibrillar Type I
bovine collagen gel formulation is topically applied through easy-to-control,
pre-filled, sterile, single-use syringes and its viscosity-optimized gel
formulation is designed for application at only one-week intervals.
Already-established standard CPT^® procedure reimbursement codes may apply
when Excellagen is used is administered with surgical debridement procedures.
As a new FDA-cleared product, Cardium is advancing forward with the
reimbursement process for Excellagen with Medicare & Medicaid Services (CMS)
and private insurance providers.

Cardium's market research indicates that physicians seek easy-to-use products
to reduce preparation time and facilitate product application - and 
Excellagen's unique, ready-to-use syringe-based collagen gel requires no
thawing or mixing. Excellagen's flowable formulation allows for the effective
delivery to wounds of varying shapes and surface contours. To learn more
about Excellagen and for product ordering information, please visit
http://www.excellagen.com and view the information video, "Excellagen: A New
Wound Care Pathway for Diabetic Foot Ulcers", at
http://www.excellagen.com/excellagen-video.html.

Acquisition of To Go Brands^® Nutraceutical Brand Platform

On September 28, 2012, Cardium acquired the business assets and product
portfolio of To Go Brands^® to support the expansion of Cardium's health
sciences nutraceutical platform and to provide a revenue platform for the
potential growth of the business. With a portfolio of over 25 products, To Go
Brands' nutraceutical powder mixes, supplements and chews are being sold
through mass, food and drug channel retailers and To Go Brands' web-based
store. To Go Brands' experienced management team has key contacts and a track
record of developing and placing new and innovative health and nutraceutical
products into retail channels. To Go Brands has now assumed operational
responsibility for Cardium's nutraceutical initiative, which includes the
Company's strategic investment in SourceOne Global Partners, a leading
supplier of science-based ingredients and proprietary formulas, and the
MedPodium Nutra-Apps^® product line.

The acquisition of To Go Brands is part of Cardium's long-term business
strategy and opportunistic diversification strategy. Large pharmaceutical
companies have entered the nutraceutical market and are diversifying their
product lines with dietary-supplement products with large market potential and
without the extensive regulatory hurdles. In February 2012, Pfizer acquired
privately-held Alacer Corp., the maker and distributor of Emergen-C^®, a
vitamin C product. Schiff Nutrition International recently purchased Airborne,
Inc., a leading provider of immune support products, and on October 30, 2012,
Bayer HealthCare announced its acquisition of Schiff Nutritional
International.

About To Go Brands^®

Since 2007, To Go Brands has been making healthy, great tasting and
anti-oxidant-rich phytonutrients and nutraceutical supplements in an array of
easy use formats, including drink mixes, chews, powders and capsules, to
empower busy lifestyles in today's fast-paced, tech-driven world. The Go
Active! product line includes High Octane^®, Green Tea Energy Fusion™, Acai
Natural Energy Boost™, and Neo-Energy^®. The Go Healthy! product line
includes Greens to Go^®, Extreme Berries to Go^®, Healthy Belly^®, VitaRocks^®
, and Neo-Chill™. Go Trim! products include Smoothie Complete^®, Trim Green
Coffee Bean™, Trim Energy^®, and Neo-Carb Bloc^®. To Go Brands products are
sold through mass, food and drug channels at retailers including Whole
Foods^®, CVS^®, Kroger^®, GNC^®, Jewel-Osco^®, Ralph's Supermarkets^®,
Meijr^®, and the Vitamin Shoppe^®, and from the company's web-based store. To
learn more about To Go Brands, visit www.togobrands.com.

Generx Commercial Development Activities

Cardium recently announced the publication of preclinical findings
demonstrating that cardiac ischemia plays an important role in adenovector
gene delivery (transfection) in mammalian hearts. The new findings were
published in the peer-reviewed journal Human Gene Therapy Methods in an
article entitled "Ischemia-Reperfusion Increases Transfection Efficiency of
Intracoronary Adenovirus type 5 in Pig Heart in Situ," which is available
online at http://online.liebertpub.com/doi/full/10.1089/hgtb.2012.048. The
published findings demonstrate that Cardium's innovative technique employing
transient cardiac ischemia can be used to dramatically enhance gene delivery
and transfection efficiency after one-time intracoronary administration of
adenovector in mammalian hearts. The  international ASPIRE Phase
3/registration study is currently enrolling patients with chronic myocardial
ischemia and advanced angina pectoris at leading cardiovascular centers in
Russia.

About Generx and the ASPIRE Study

Generx (Ad5FGF-4) is a disease-modifying regenerative medicine biologic that
is being developed to offer a one-time, non-surgical option for the treatment
of myocardial ischemia in patients with stable angina due to coronary artery
disease, who might otherwise require surgical and mechanical interventions,
such as coronary artery by-pass surgery or balloon angioplasty and stents.
Similar to surgical/mechanical revascularization approaches, the goal of
Cardium's Generx product candidate is to improve blood flow to the heart
muscle – but to do so non-surgically, following a single administration from a
standard balloon catheter.

The international ASPIRE study is a 100-patient, randomized and controlled
multi-center study currently enrolling patients at up to eight leading
cardiology centers in the Russian Federation. The ASPIRE study is designed to
further evaluate the safety and effectiveness of Cardium's Generx DNA-based
angiogenic product candidate, which has already been tested in clinical
studies involving 650 patients at more than one hundred medical centers in the
U.S., Europe and elsewhere. The efficacy of Generx is being quantitatively
assessed using rest and stress SPECT (Single-Photon Emission Computed
Tomography) myocardial imaging to sensitively measure improvements in
microvascular cardiac perfusion following a one-time, non-surgical,
catheter-based administration of Generx. The Cedars-Sinai Medical Center
Nuclear Cardiology Core Laboratory in Los Angeles, California, is the central
core lab for the study and is responsible for the analysis of SPECT myocardial
imaging data electronically transmitted from the Russian medical centers
participating in the ASPIRE study.

About Cardium

Cardium is an asset-based health sciences and regenerative medicine company
focused on the acquisition and strategic development of innovative products
and businesses with the potential to address significant unmet medical needs
and having definable pathways to commercialization, partnering or other
economic monetizations. Cardium's current portfolio includes the Tissue Repair
Company, Cardium Biologics, and the Company's newly-acquired To Go Brands^®
healthy nutraceutical supplement business. The Company's lead commercial
product Excellagen^® topical gel for wound care management has received FDA
clearance for marketing and sale in the United States. Cardium's lead
clinical development product candidate Generx^® is a DNA-based angiogenic
biologic intended for the treatment of patients with myocardial ischemia due
to coronary artery disease. To Go Brands develops, markets and sells dietary
supplements through established regional and national retailers. In addition,
consistent with its capital-efficient business model, Cardium continues to
actively evaluate new technologies and business opportunities. News from
Cardium is located at www.cardiumthx.com.

Forward-Looking Statements 

Except for statements of historical fact, the matters discussed in this press
release are forward looking and reflect numerous assumptions and involve a
variety of risks and uncertainties, many of which are beyond our control and
may cause actual results to differ materially from expectations. For example,
there can be no assurance that results or trends observed in one clinical
study or procedure will be reproduced in subsequent studies or in actual use;
that new clinical studies will be successful or will lead to approvals or
clearances from health regulatory authorities, or that approvals in one
jurisdiction will help to support studies or approvals elsewhere; that the
company can attract suitable commercialization partners for our products or
that we or partners can successfully commercialize them; that our product or
product candidates will not be unfavorably compared to competitive products
that may be regarded as safer, more effective, easier to use or less expensive
or blocked by third party proprietary rights or other means; that the products
and product candidates referred to in this report or in our other reports will
be successfully commercialized and their use reimbursed, or will enhance our
market value; that our To Go Brands business can be successfully integrated
and expanded; that new product opportunities or commercialization efforts will
be successfully established; that third parties on whom we depend will perform
as anticipated; that we can raise sufficient capital from partnering,
monetization or other fundraising transactions to maintain our stock exchange
listing or adequately fund ongoing operations; or that we will not be
adversely affected by these or other risks and uncertainties that could impact
our operations, business or other matters, as described in more detail in our
filings with the Securities and Exchange Commission. We undertake no
obligation to release publicly the results of any revisions to these
forward-looking statements to reflect events or circumstances arising after
the date hereof.

Copyright 2012 Cardium Therapeutics, Inc. All rights reserved.

For Terms of Use Privacy Policy, please visit www.cardiumthx.com.

Cardium Therapeutics^®, Generx^®, ^ Cardionovo™, Tissue Repair™, Gene
Activated Matrix™, GAM™, Excellagen^®, Excellarate™, Osteorate™, MedPodium^®,
Appexium^®, Linée^®, Alena^®, Cerex^®, D-Sorb™, Neo-Energy^®, Neo-Carb Bloc^®,
Neo-Chill^™, and Nutra-Apps^® are trademarks of Cardium Therapeutics, Inc. or
Tissue Repair Company.

To Go Brands^®, Acai Natural Energy Boost™, Green Tea Energy Fusion™, Trim
Energy^®, Healthy Belly^®, Smoothie Complete^®, High Octane^®, VitaRocks^®,
Trim Green Coffee Bean™ and Glucoberry™ are trademarks of To Go Brands, Inc.

(Other trademarks belong to their respective owners)



Cardium Therapeutics, Inc.
Selected Condensed Consolidated Results of Operations
                   Three months ended September     Nine months ended
                   30,                              September 30,
                   2012             2011            2012          2011
Product sales      $       $__    $      $
                   5,589*                           39,241*       __
Cost of goods      (3,640)           __  (15,191)      
sold                                                              __
Gross profit       1,949             __  24,050        
                                                                  __
 Operating
expenses
Research and       (508,342)        (578,981)       (2,097,675)   (1,874,413)
development
Selling, general
and                (1,389,731)      (1,180,199)     (4,358,706)   (3,641,620)
administrative
Loss from          (1,896,124)      (1,759,180)     (6,432,231)   (5,516,033)
operations
Interest income    1,204            1,269           3,771         5,605
(expense), net
Change in fair
value of               157,628         64,157        458,199
derivative         __
liabilities
Net loss           $ (1,894,920)   $ (1,600,283)  $(6,364,403)  $
                                                                  (5,052,229)
Net loss per                                                   
common share –
basic and          $   (0.02)    $   (0.02)   $           $  
diluted                                             (0.06)       (0.06)
Weighted average
common shares                                                  
outstanding –
basic and          119,044,747      83,097,967      115,493,427   83,097,967
diluted
* Note that product sales and associated expenses for these Results of
Operations do not include net sales of To Go Brands products of approximately
$2.1 million for the nine months ended September 30, 2012 (which is included
in the unaudited pro forma consolidated financial information reported in
footnote three on Form 10-Q filed with the SEC today), since the acquisition
of To Go Brands was not completed until September 28, 2012. To Go Brands
products will be included in Cardium's Consolidated Results going forward.



Selected Condensed Consolidated Balance Sheet Data
                           September 30,             December 31,

                           2012                       2011
Cash and cash equivalents  $   4,472,131            $     4,721,279
                                                    

Restricted cash            50,000                     200,000
Accounts receivable        67,621                      __
Inventory                  1,163,966                  434,130
Prepaid expenses and                                 
other current
                           240,350                    68,204
 assets
Property and equipment,    131,997                    135,581
net
Other long-term assets    3,454,390                  1,944,035
Total assets               $   9,580,455            $     7,503,229
                                                    

Accounts payable and       $   1,227,994            $     1,214,480
accrued liabilities
Derivative liabilities      __  85,506
Long-term liabilities      68,698                     118,313
Total liabilities          1,296,692                  1,418,299
Stockholder's equity       8,283,763                  6,084,930
Total liabilities and      $   9,580,455            $     7,503,229
stockholder's equity



SOURCE Cardium Therapeutics

Website: http://www.cardiumthx.com
Contact: Bonnie Ortega, VP - Corporate Communications for Cardium
Therapeutics, Inc., +1-858- 436-1018, InvestorRelations@cardiumthx.com
 
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