Cardium Presents Year-End 2012 Financial Results And Recent Developments

   Cardium Presents Year-End 2012 Financial Results And Recent Developments

PR Newswire

SAN DIEGO, April 5, 2013

SAN DIEGO, April 5, 2013 /PRNewswire/ --Cardium Therapeutics (NYSE MKT: CXM)
today presented highlights of financial results for fiscal year ended
December31,2012, and other recent developments.


Commercialization of FDA-Cleared Excellagen
Advanced Wound Care Product

  oIntroduced the Company's FDA-cleared Excellagen^® professional-use wound
    care product in March 2012 and entered into a logistics and cold chain
    services agreement with Smith Medical Partners, a subsidiary of H. D.
  oAwarded ISO 13485:2003 certification for Excellagen, State of California
    manufacturing license and state clearances to market and sell Excellagen
    in the U.S., and advanced other international registrations for
    Excellagen, including CE Mark registration, which is expected in second
    quarter 2013;
  oAnnounced sales and distribution agreements with Academy Medical to
    market, sell and distribute Excellagen to its growing base of over 35 U.S.
    government medical providers, including Veterans Administration and
    military hospitals;
  oExcellagen selected as one of the Top Ten Podiatry Innovations in 2012 by
    Podiatry Today publication, and awarded the American Podiatric Medical
    Association's Seal of Approval for Excellagen's contributions to better
    foot health and mobility;
  oFormed the Excellagen Medical Advisory Board comprising leading
    practitioners, clinicians and researchers with diversified expertise in
    the field of advanced wound care, and presented case studies at the Desert
    Foot 2012 High Risk Diabetic Foot Conference;
  oEntered into international agreements with (1) BL&H, Co. Ltd., an
    established pharmaceutical company, for the registration, marketing and
    distribution of Excellagen in the South Korean market; and (2) Advanced
    Biosciences Research, an affiliate of bioRASI, for the planned
    commercialization of Excellagen ^ in the Russian Federation and CIS;
  oAdvanced forward with applications to support the reimbursement process
    for Excellagen with the Centers for Medicare & Medicaid Services (CMS) and
    private insurance providers, and broadened marketing and sales efforts
    into markets with established CPT^® codes for surgical debridement
    procedures and in-hospital surgical markets covered under DRG
    reimbursement systems.

Advancing Generx Phase 3 Angiogenic
Gene Therapy Product Candidate

  oInitiated the ASPIRE Phase 3 registration study, a 100-patient randomized
    and controlled multi-center study being conducted at leading cardiology
    centers in Russia, and designed to evaluate the therapeutic efficacy of
    the Company's Generx^® (Ad5FGF-4) DNA-based angiogenic growth factor
    therapeutic for patients with myocardial ischemia due to coronary artery
  oPublished important Generx findings in the peer-reviewed journal Human
    Gene Therapy Methods demonstrating that Cardium's innovative technique
    employing transient cardiac ischemia can be used to dramatically enhance
    gene delivery and transfection efficiency after a one-time intracoronary
    administration of adenovector in mammalian hearts. The findings have been
    incorporated into the treatment protocols of the Generx ASPIRE Phase 3
  oPresented at the 2013 Phacilitate Annual Cell & Gene Therapy Forum held in
    Washington, DC, "Optimizing Phase III Trial Design for Generx (Ad5FGF-4)"
    on adaptive coronary collateral growth, the biological processes to be
    targeted by therapeutic angiogenesis, and discussed the lessons learned
    during the past decade of the Company's Generx clinical development
  oFavorable patent decision in Europe and successful resolution of a long
    standing competition between Cardium and its licensor, the University of
    California, and Boston Scientific Corporation and its licensor, Arch
    Development, over the rights to key methods for the application of
    cardiovascular gene therapy in the treatment of coronary heart disease, as
    is employed in the Company's Generx gene therapy candidate.

Health Sciences Business and Other Strategic
Partnered-Enabled Product Initiatives

  oAcquired To Go Brands^® nutraceutical supplement brand platform with over
    25 products being developed and sold through established regional and
    national food, drug and mass channel retailers at over 10,000 retail
    locations to expand and broaden Cardium's Health Sciences Business;
  oAnnounced expansion of the To Go Brands VitaRocks^® Kids vitamin products
    and retail distribution of the newly-designed VitaRocks product line into
    select Target stores nationwide;
  oReported plans for the partner-enabled clinical development of Genedexa™
    (previously referred to as the Excellarate™ product candidate), a
    DNA-based Phase 2b/3 product candidate initially for the treatment of
    chronic, non-healing diabetic foot ulcers and representing the first
    product extension from the Company's FDA-cleared Excellagen technology
  oDeveloped a new in-house partner-enabled product opportunity, LifeAgain™,
    a medical analytics and e-commerce platform of algorithms and
    medical-based programs that were developed by Cardium researchers to
    support a strategically partnered commercialization of specialized
    survivable risk life insurance underwritings for cancer patients and
    patients with chronic medical diseases, based on the improvement of early
    diagnosis and new chronic treatments and curative medical therapies.

Financial Report

The majority of revenue for 2012 is comprised of sales from To Go Brands,
which Cardium acquired on September 28, 2012. Pro forma revenues for the full
year ended December 31, 2012, which includes the nine-month period prior to
Cardium's acquisition of To Go Brands, totaled $2.9 million, compared to
revenues of $4.5 million for the year ended December 31, 2011. The decrease
in revenue during this period reflects consolidation activities by To Go
Brands prior to Cardium's acquisition of the company in September 2012. This
unaudited, pro forma consolidated financial information will be outlined in
footnote 3 of Cardium's annual report on Form 10-K to be filed with the SEC.

For the year ended December 31, 2012, Cardium reported revenue of $0.8 million
compared to no revenue reported for the year ended December 31, 2011. Total
revenue for the fourth quarter ended December 2012 was $0.7 million, primarily
comprised of sales from To Go Brands, compared to no reported revenue for the
same period in 2011.

Cardium reported a net loss of $8.3 million, or $(0.07) per share, for the
year ended December 31, 2012, compared to a net loss of $7.1 million, or
$(0.08) per share for the year ended December 31, 2011. For fourth quarter
ended December 31, 2012, the Company reported a net loss of $2.0 million, or
$(0.02) per share, compared to a net loss of $2.1 million net loss, or $(0.02
per share), in the fourth quarter in 2011.

For the year ended December 31, 2012, research and development expenses
totaled $2.6 million and selling, general and administrative expenses were
$6.1 million, compared to $2.6 million and $4.8 million, respectively, for
2011. The increase in expenses was primarily due to expenses associated with
the market introduction of Excellagen, initiation of the Company's Generx
ASPIRE clinical study, and for Cardium's nutraceutical initiative, which
served as the catalyst for the acquisition of To Go Brands, Inc. Research and
development costs for the three months ended December 31, 2012 totaled $0.5
million and selling, general and administrative expenses were $1.8 million,
compared to $0.7 million and $1.2 million, respectively, for the same period
last year.

Cardium ended the 2012 year with a total of $2.3 million in cash compared to
$4.7 million in the previous year. During the year ended December 31, 2012,
the Company raised $4.6 million in net proceeds through the completion of a
registered direct equity financing with three institutional and accredited
investors with the issuance of 17.9 million shares of Cardium common stock
priced at $0.28 per share with no warrant coverage and through the sale of 5.2
million shares of common stock under at-the-market transactions for net
proceeds of $1.9 million. In connection with the acquisition of the To Go
Brands, Inc., the Company issued 9.6 million unregistered shares of common
stock. The total shares of common stock outstanding at December 31, 2012 were
129.2 million compared to 96.6 million shares of common stock outstanding at
December 31, 2011.

During the period since December 31, 2012, cash flows from financing
activities include the sale of 343,749 shares of common stock in at-the-market
transactions for net proceeds of $65,743, and as reported today, Cardium has
entered into a definitive agreement with Sabby Management LLC ("Sabby"), the
Company's largest shareholder, for a preferred stock financing of up to $4.0
million in gross proceeds. A more complete description of the terms and
conditions of the financing is provided in a press release dated today and
will be available in the Form 8-K to be filed by the Company with the
Securities and Exchange Commission.

In first quarter 2013, the Company reported that its exchange listing
compliance plan submitted on December 6, 2012 had been accepted by the NYSE
MKT. As previously reported, a communication from the staff of the Company's
current listing exchange indicated that the Company was considered to be
noncompliant with certain listing requirements based on its quarterly report
for the period ended September 30, 2012, and provided that the Company should
submit a plan to staff of the exchange that would re-establish compliance with
the NYSE MKT listing requirement by March 31, 2013. On December 6, 2012, the
Company reported that it had submitted a plan designed to reestablish
compliance with the exchange's requirement, and reported on January 16, 2013
that the plan had been accepted by the listing exchange. The Company reports
that in view of the proposed preferred stock financing, the NYSE MKT has
granted an additional quarterly extension of the listing exchange compliance
plan from March 31 to June 30, 2013, although as is normal course, the
Company's exchange compliance would continue to be evaluated on an ongoing

The Company also indicated that similar to 2011, the audit opinion
accompanying its consolidated financial statements for the year ended December
31, 2012, will contain a going concern qualification from its independent
registered public accounting firm, Marcum LLP. Consistent with its business
strategy and as outlined in this press release, Cardium plans to raise
additional funds through the strategic sale or monetization of its operating
units, entering into strategic licensing agreements, through the future sales
of Excellagen and To Go Brand's products, and/or other financing transactions.

Excellagen Commercialization Plans

Since the introduction of Excellagen, the Company has entered into agreements
with selected regional sales distributors and independent sales
representatives to market Excellagen into their specific geographic and
special markets. These agreements allow for flexible transitions as strategic
partnerships are achieved. In January 2013, Cardium announced the
distribution agreement with Academy Medical, LLC to market, sell and
distribute Excellagen to U.S. government medical providers. Academy Medical
has a growing customer base of over 35 Veterans Administration (VA) and
military hospitals within the U.S. Cardium also recently announced an
agreement with an independent regional distributor group consisting of ten
sales representatives to market, sell and distribute Excellagen to podiatric
and orthopedic physicians, plastic surgeons, hospitals and surgical centers.
The Company plans to enter into additional agreements designed to support the
market introduction of Excellagen into a variety of regional markets and to
broaden its potential applications in wound care.

Consistent with the Company's long-term business strategy, Cardium is also
focused on establishing strategic partnerships that would cover the marketing
and sale of Excellagen into U.S. vertical wound healing market channels,
including: (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, Bureau of Indian Affairs and military hospitals), (4)
dermatology and plastic surgery, and (5) orthopedic surgery. The Company's
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.

Cardium is advancing forward with the reimbursement process for Excellagen
with Centers for Medicare & Medicaid Services (CMS) and private insurance
providers. Already-established standard CPT^® procedure reimbursement codes
may apply when Excellagen is used with surgical debridement procedures and
through the DRG reimbursement system for in-hospital surgical procedures, as
well as in long-term care facilities and through their service providers.

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 second quarter 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).

Excellagen is a novel syringe-based, professional-use,
pharmaceutically-formulated 2.6% fibrillar Type I bovine collagen gel that
functions as an acellular biological modulator to activate the wound healing
process and significantly accelerate the growth of granulation tissue.
Excellagen's FDA-clearance provides for very broad labeling including partial
and full-thickness wounds, pressure ulcers, venous ulcers, diabetic ulcers,
chronic vascular ulcers, tunneled/undermined wounds, surgical wounds (donor
sites/graft, post-Mohs surgery, post-laser surgery, podiatric, wound
dehiscence), trauma wounds (abrasions, lacerations, second-degree burns and
skin tears) and draining wounds. Excellagen 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 fibrillar Type I bovine collagen gel formulation is
topically applied through easy-to-control, pre-filled, sterile, single-use
syringes and is designed for application at only one-week intervals. In
addition, Excellagen has been engineered to serve as a delivery platform
enabling multiple device and therapeutic product extensions to include
antimicrobials, small molecule drugs, peptides, conditioned cell media, stem
cells and DNA-based biologic products. Additional information about
Excellagen can be viewed at

Generx Commercialization Plans

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 angioplasty catheter.

In March 2012, Cardium announced the initiation of the Generx ASPIRE Phase 3
registration study to evaluate the therapeutic effects of its lead product
candidate Generx in patients with myocardial ischemia due to coronary artery
disease. The ASPIRE study, a 100-patient, randomized and controlled
multi-center study to be conducted at up to nine leading cardiology centers in
the Russian Federation, 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 will be 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. The Russian Health
Authority has assigned Generx the therapeutic drug trade name of Cardionovo^®
for marketing and sales in Russia. For additional information about Generx
and the ASPIRE clinical study, please visit

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 Company recently announced the expansion of its To Go Brands VitaRocks^®
Kids vitamin product line and the broadened retail distribution of the
newly-designed products into select Target stores nationwide. VitaRocks are
inspired by a popping pellet candy that is popular with kids and represents a
next-generation, easy-use delivery platform for multivitamins and nutrients,
dietary supplements, and potentially over-the-counter (OTC) medicines for
children, as well as adults.

The Company's 2013 plans for To Go Brands include (1) completing new packaging
and message re-design to update the look of current products; (2) increasing
online customer acquisition and retention by introducing super affiliate
programs and social media-based coupon offerings (e.g. LivingSocial); (3)
expanding and leveraging the VitaRocks children's vitamin product line; and
(4) expanding U.S. retail distribution and establishing international
distributors to leverage on the success of To Go Brands' lead product, Trim
Green Coffee Bean™ dietary supplement.

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 Energy 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, Sprouts, Kroger, GNC, RiteAid, Jewel-Osco, Ralph's
Supermarkets, Vitamin World, Meijer, Fred Meyer, King Soopers, and the Vitamin
Shoppe as well as directly from the company's web-based store. To learn more
about To Go Brands, visit

Cardium's In-House Initiatives

The Company recently announced its partner-enabled internal product
development, LifeAgain™, a medical analytics and e-commerce platform that is
focused on the development, marketing and direct sales of new and innovative
survivable risk, multi-year, non-convertible level term life insurance
programs and other insurance products, that are currently non-accessible and
unaffordable for certain sub-groups of highly motivated buyers considered
"uninsurable" based on traditional underwriting standards by U.S. life
insurance companies. Traditional life insurance has become an over-optimized
web-marketed, undifferentiated, low priced commodity largely marketed to
healthy people. LifeAgain is being developed based on improvements in
relative mortality in certain sub-group populations, including cancer patients
and patients with chronic medical diseases, as a result of the success of
early diagnostic screening, public education, the introduction of advanced
drugs and biologics, improved and optimized therapies, and expanded access to

In addition, the Company will seek to initiate a partner-enabled pilot Phase
2b/3 clinical study for Genedexa™ (Ad5PDGF-B), formerly referred to as the
Company's Excellarate product candidate. Genedexa's initial clinical
development focus will be for the treatment of chronic, non-healing diabetic
foot ulcers. The Company has completed the MATRIX-1 (Phase 1/2) and MATRIX-2
(Phase 2b) clinical studies and the planned Genedexa pilot study represents an
important next step forward towards FDA registration of Cardium's advanced DNA
biologic wound care product. Genedexa represents the first product candidate
based on the Company's Excellagen product platform and is comprised of the
FDA-cleared Excellagen collagen topical gel and an adenovector gene therapy
with DNA encoding for PDGF-B protein. PDGF-B is believed to promote wound
healing by directly stimulating cells involved in wound repair and also by
eliciting the production of other growth factors. The Genedexa product
candidate, a DNA-based biologic, requires data from clinical studies
demonstrating patient safety and efficacy prior to filing for a Biologic
License Application (BLA). The Company may use alternative independent
private financings and strategic partners to finance the clinical development
of Genedexa and commercialize its LifeAgain platform.

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^®
nutraceutical 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. For more information, visit

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 is no assurance that planned product development efforts and clinical
studies can be performed in an efficient and effective manner; 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 certain elements of the preferred stock
financing will be approved by stockholders; that the Company will satisfy the
requirements of its compliance plan and will otherwise continue to satisfy the
listing requirements of its exchange or that its shares can continue to be
listed on a national exchange; that we can raise sufficient capital from
partnering, monetization or other fundraising transactions to maintain our
stock exchange listing or adequately fund ongoing operations; 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 the preferred stock offering can be completed as proposed
or that the Company will not be adversely affected by 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 2013 Cardium Therapeutics, Inc. All rights reserved.
For Terms of Use Privacy Policy, please visit

Cardium Therapeutics^®, Generx^®, ^ Cardionovo^®, Tissue Repair™,
Excellagen^®, Excellarate™, LifeAgain™, Genedexa™, Neo-Apps^®, MedPodium^®,
Neo-Energy^®, Neo-Chill™ and Neo-Carb Bloc^® are trademarks of Cardium
Therapeutics, Inc. or Tissue Repair Company. To Go Brands^®, High Octane^®,
Green Tea Energy Fusion™, Acai Natural Energy Boost™, Greens to Go^®, Extreme
Berries to Go^®, Healthy Belly^®, VitaRocks^®, Smoothie Complete^®, Trim Green
Coffee Bean™, and Trim Energy^®, 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 December   The year ended December 31,
                    2012           2011           2012           2011
Product sales       $            $         $   785,318  $     -
                    746,077       -
Cost of goods sold  (421,874)      -              (437,065)      -
Gross profit        324,203        -              348,253        -
Research and        (523,646)      (718,845)      (2,621,321)    (2,593,258)
Selling, general    (1,758,040)    (1,183,039)    (6,116,746)    (4,824,659)
and administrative
Loss from           (1,957,483)    (1,901,884)    (8,389,814)    (7,417,917)
Interest income     (1,424)        78             2,347          5,683
(expense), net
Change in fair
value of            -              (175,057)      64,157         283,142
Net loss            $             $              $(8,323,310)   $
                    (1,958,907)    (2,076,863)                  (7,129,092)
Net loss per                                                     $  
common share –     $   (0.02)  $   (0.02)  $   (0.07)  (0.08)
basic and diluted
Weighted average
common shares       127,267,491    90,908,169     118,454,339    85,066,566
outstanding –
basic and diluted

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

                                          2012             2011
Cash and cash equivalents                 $   2,328,074  $     4,721,279
Restricted cash                           50,000           200,000
Accounts receivable                       328,953          -
Inventory                                 1,174,323        434,130
Prepaid expenses and other current
                                          407,389          68,204
Property and equipment, net               97,582           135,581
Intangible assets                         2,803,721        1,332,727
Other long-term assets                    619,836          611,308
Total assets                              $   7,808,878  $     7,503,229
Accounts payable and accrued liabilities  $   1,392,718  $     1,214,480
Derivative liabilities                    -                85,506
Long-term liabilities                     50,370           118,313
Total liabilities                         1,443,088        1,418,299
Stockholder's equity                      6,365,790        6,084,930
Total liabilities and stockholder's       $   7,808,878  $     7,503,299

SOURCE Cardium Therapeutics

Contact: Press / Investor Contact, Bonnie Ortega, VP - Corporate
Communications, Cardium Therapeutics, Inc., Tel: (858) 436-1018 , Email:
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