Cardium Completes $21.5 Million Equity Financing.SAN DIEGO San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. -- Cardium Therapeutics, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CDTP CDTP Cold Differential Test Pressure CDTP Computer Technology Documentation Project ) today announced the closing of its $21.5 million private placement financing with institutional and other accredited investors that was previously announced on March 6, 2007. The investment in Cardium included the sale and issuance of approximately 8.6 million shares of Cardium's common stock and warrants to purchase up to approximately 3 million shares of common stock. Oppenheimer & Co. Inc. served as placement agent for the offering. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from this financing will be used to initiate Cardium's Phase 3 AWARE clinical study for Generx, initiate the Phase 2b clinical study for Excellarate in the second half of 2007, accelerate the commercialization of InnerCool's Celsius Control System and, at the same time, broaden and expand its temperature modulation technology into other medical indications and applications, and for general working capital. About Cardium Cardium Therapeutics, Inc. and its subsidiaries, InnerCool Therapies, Inc. and the Tissue Repair Company, are medical technology companies primarily focused on the development, manufacture and sale of innovative therapeutic products and devices for cardiovascular, ischemic Ischemic An inadequate supply of blood to a part of the body, caused by partial or total blockage of an artery. Mentioned in: Antiangiogenic Therapy, Subarachnoid Hemorrhage, Ventricular Fibrillation ischemic and related indications. In October 2005, Cardium acquired a portfolio of growth factor therapeutics from the Schering AG Group, Germany, including the later-stage product candidate, Generx[TM], a DNA-based growth factor therapeutic which is advancing to a Phase 3 clinical study and is being developed for potential use by interventional cardiologists as a one-time treatment to promote and stimulate the growth of collateral circulation collateral circulation n. Circulation maintained in small anastomosing vessels when the main artery is obstructed. collateral circulation in the hearts of patients with ischemic conditions such as recurrent angina recurrent angina Cardiology Sharp precordial pain directly related to cardiac ischemia, seen in 3-5% of Pts with CABG, due either to progressive stenosis or occlusion of a CABG or progressive stenosis in an ungrafted artery. See Angina, CABG, Triple-bypass surgery. . For more information about Cardium Therapeutics and its businesses, products and therapeutic candidates, please visit www.cardiumthx.com or view its brochure at http://www.cardiumthx.com/flash/pdf/CardiumTHX_Brochure.pdf. In March 2006, Cardium acquired the technologies and products of InnerCool Therapies, Inc., a San Diego-based medical technology company in the emerging field of temperature modulation, which is designed to rapidly and controllably cool the body in order to reduce cell death and damage following acute ischemic events such as cardiac arrest cardiac arrest n. Abbr. CA A sudden cessation of cardiac function, resulting in loss of effective circulation. Cardiac arrest A condition in which the heart stops functioning. or stroke, and to potentially lessen or prevent associated injuries such as adverse neurological outcomes. For more information about Cardium's InnerCool subsidiary and therapeutic hypothermia hypothermia Abnormally low body temperature, with slowing of physiological activity. It is artificially induced (usually with ice baths) for certain surgical procedures and cancer treatments. , including its Celsius Control System[TM], which has now received regulatory clearance in the U.S., Europe and Australia, please visit www.innercool.com. In August 2006, Cardium acquired the technologies and products of the Tissue Repair Company (TRC TRC Noun (in South Africa) Truth and Reconciliation Commission: a commission which encourages people who committed human rights abuses or acts of terror during the apartheid era to reveal the truth about their crimes in return for immunity from prosecution ), a San Diego-based biopharmaceutical company focused on the development of growth factor therapeutics for the treatment of severe chronic diabetic wounds. TRC's lead product candidate, Excellarate, is a DNA-activated collagen gel for topical treatment formulated with an adenovector delivery carrier encoding human platelet-derived growth factor-B (PDGF-B). Excellarate is initially being developed to be administered once or twice for the potential treatment of non-healing diabetic foot diabetic foot A foot with a constellation of pathologic changes affecting the lower extremity in diabetics, often leading to amputation and/or death due to complications; the common initial lesion leading to amputation is a nonhealing skin ulcer, induced by ulcers. Other potential applications for TRC's Gene Activated Matrix[TM] (GAM) technology include therapeutic angiogenesis Therapeutic angiogenesis is an experimental area of treatment of ischemia, the condition which associated with decrease in blood supply to certain body organs, tissue or part. This usually caused by constriction or obstruction of the blood vessels. (cardiovascular ischemia Ischemia Definition Ischemia is an insufficient supply of blood to an organ, usually due to a blocked artery. Description Myocardial ischemia is an intermediate condition in coronary artery disease during which the heart tissue is , peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage). For more information about Cardium's Tissue Repair Company subsidiary, please visit www.t-r-co.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 stated expectations. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, our limited experience in the development, testing and marketing of therapeutic hypothermia devices, risks and uncertainties that are inherent in the conduct of human clinical trials, including the timing and costs of such trials, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, current and future competition, as well as risks and uncertainties in obtaining an effective registration statement for the resale of the issued securities, as described in the March 6, 2007 announcement, and other risks described from time to time in filings we make 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 2007 Cardium Therapeutics, Inc. All rights reserved. For Terms of Use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. Privacy Policy, please visit www.cardiumthx.com. Cardium Therapeutics[TM] and Generx[TM] are trademarks of Cardium Therapeutics, Inc. Gene Activated Matrix[TM] and GAM[TM] are trademarks of Tissue Repair Company. InnerCool Therapies[R], InnerCool[R] and Celsius Control System[TM] are trademarks of InnerCool Therapies, Inc. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion