Taxus Cardium Pharmaceuticals Group Inc (CRXM)

[califax]

Cardium Reports on Third Quarter 2010 Financial Results and Recent Developments

SAN DIEGO, Nov. 9, 2010 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Amex: CXM) today reported highlights and financial results for its third quarter ended September 30, 2010. Highlights of the quarter and recent developments include:

-- Website and market launch of Cardium's MedPodium product line, a portfolio of premium science-based, easy to use medicinals, neurologics, metabolics, nutraceuticals and aesthetics designed to promote and manage personal health. The MedPodium product portfolio, which initially includes seven podiatry-focused advanced skin care products to promote foot health and comfort, are currently available MedPodium's web-based boutique at http://www.medpodium.com/. In the future, the Company plans to expand distribution and sell certain MedPodium products through various select distributors or retailers in the United States.

-- Planned addition of the new weight management product, Appexium(TM), to Cardium's MedPodium(TM) product line. Appexium, a plant-derived non-prescription dietary supplement to be marketed under the trade name Linee(TM), is designed to facilitate healthy weight management. Linee is expected to be launched and available for purchase at the MedPodium web boutique in mid-November.

-- Exclusive commercial development rights for certain novel supramacromolecular polymer complexes, which represent a potentially novel and practical way to integrate the use of Nitric Oxide into a variety of wound healing products, and that appear to be compatible with Cardium's Excellagen formulated collagen topical gel wound care dressing, which is currently the subject of a pending FDA 510(k) clearance application for marketing and sales in the United States.

-- New preclinical research findings demonstrating that the Company's Excellagen collagen wound management gel product candidate activates platelet release of platelet-derived growth factor (PDGF) locally at the wound site. This growth factor has been shown to play an essential role in the wound healing process.

-- Cash grant award of approximately $245,000 under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program to further the Company's Generx clinical development program. The funds are immediately available and the Company will recognize the full award that was authorized on October 29, 2010 as revenue during the fourth quarter 2010.

-- Presentations at two investor conferences - the Rodman&Renshaw 12th Annual Healthcare Investment Conference and the 10th Annual Biotech in Europe Investor Forum, Zurich. In addition, Cardium will be presenting at the LifeTech Capital Miami Medical Investors Conference on November 12, 2010 at 2:00 p.m. Eastern in Miami. Although this presentation will not be webcast, investors can access the Company's presentation slides now available at Cardium's website at http://phx.corporate-ir.net/phoenix.zhtml?c=77949&p=irol-presentations .

-- Continued identification and evaluation of innovative and capital-efficient product opportunities and strategic partnership opportunities for the Company's current product candidates as they are advanced and corresponding valuations are established. Financial Report

For the third quarter ended September 30, 2010, the Company reported a net loss of $3.4 million, or $(0.04) per share, compared to net income of $4.9 million, or $.10 per share for the same period in 2009. For the nine months ended September 30, 2010, net loss was $5.2 million, or $(0.07) per share, compared to a net loss of $20.1 million, or $(0.44) per share, for the same nine-month period in 2009. Financial results for the three months ended September 30, 2009 included a $6.4 million gain on the sale of our InnerCool business unit. For the nine months ended September 30, 2009 the decrease in net loss was due to a $5.9 million decrease in interest expense related to notes that were paid off in the fourth quarter of 2009 as well as a $12.5 million positive adjustment to the non-cash change in fair market value of certain common stock warrants we recorded as derivative liabilities upon the adoption of ASC 815 (formerly Emerging Issues Task Force EITF 07-05), recorded in "Change in Fair Value of Derivative Liabilities" when comparing year over year. Research and development costs for the three months ended September 30, 2010 totaled $0.7 million and general and administrative expenses were $1.1 million, compared to $1.2 million and $1.3 million, respectively, for the same period last year. As of September 30, 2010, the Company had a total of $9.1 million in cash ($7.7 million in cash and $1.4 million in restricted cash) compared to total cash of $4.8 million ($3.4 million in cash and $1.4 million in restricted cash) for the same period last year.

As of November 5, 2010, approximately 78.6 million shares of Cardium's common stock were outstanding.

http://www.finanznachrichten.de/nachrichten-2010-11/18495064-cardium-reports-on-third-quarter-2010-financial-results-and-recent-developments-008.htm