SAN DIEGO, Feb. 13, 2012 /PRNewswire/ -- Cardium
Therapeutics (NYSE Amex: CXM) today announced that it has entered
into definitive agreements with three institutional and accredited
investors to sell an aggregate of 17,857,143 shares of its common
stock in a registered direct offering for gross proceeds of
approximately $5.0 million, before
deducting placement agent's fees and estimated offering
expenses.
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The investors have agreed to purchase the shares of common stock
for a price of $0.28 per share with
no warrant coverage. The closing of this offering is expected
to occur on or about February 16,
2012, subject to the satisfaction of customary closing
conditions. The net proceeds from the offering will be used
for general working capital purposes.
Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg
Thalmann Financial Services Inc. (NYSE Amex: LTS), acted as the
exclusive placement agent for the offering.
The common stock is being offered pursuant to a shelf
registration statement that was filed by Cardium Therapeutics with
the Securities and Exchange Commission (the "SEC") and declared
effective by the SEC on August 27,
2010. A prospectus supplement related to the public offering
was filed with the SEC on February
13, 2012. Copies of the prospectus and accompanying
prospectus supplement relating to the offering may be obtained from
the SEC's web-site at http://www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. When filed with
the SEC, copies of the prospectus supplement and the accompanying
base prospectus relating to this offering may be obtained at the
SEC's website at http://www.sec.gov or by request from Ladenburg
Thalmann & Co., Inc, 4400 Biscayne Blvd., 14th Floor,
Miami, Florida 33137.
About Cardium
Cardium is focused on the acquisition and strategic development
of new and innovative bio-medical product opportunities and
businesses with the potential to address significant unmet medical
needs that have definable pathways to commercialization, partnering
and other economic monetizations. Cardium's current medical
opportunities portfolio, which is focused on health sciences and
regenerative medicine, includes the Tissue Repair Company, Cardium
Biologics, and the Company's in-house MedPodium Health Sciences
healthy lifestyle product platform. Cardium's lead commercial
product Excellagen™ topical gel for advanced wound
care management, has recently 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. In
addition, consistent with its capital-efficient business model,
Cardium continues to actively evaluate new technologies and
business opportunities. In July
2009, Cardium completed the sale of its InnerCool Therapies
medical device business to Royal Philips Electronics, the first
asset monetization from the Company's biomedical investment
portfolio. 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 the registered direct offering can be completed as
proposed or that we 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.
Copyright 2012 Cardium Therapeutics, Inc.
All rights reserved.
For Terms of Use Privacy Policy, please visit
www.cardiumthx.com.
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Cardium
Therapeutics®, Generx®, Cardionovo™, Tissue Repair™, Gene Activated Matrix™, GAM™,
Excellagen™,
Excellarate™,
Osteorate™, MedPodium™, Appexium™,
Linee™, Alena™, Cerex™,
D-Sorb™, Neo-Energy™, Neo-Carb Bloc™, Nutra-Apps™ are trademarks of
Cardium Therapeutics, Inc. or Tissue Repair Company.
(Other trademarks belong to their respective
owners)
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SOURCE Cardium Therapeutics