Imprimis Pharmaceuticals Inc (IMMY)

[OHMYGOD]

As noted in the Form 8-K filed by Transdel Pharmaceuticals, Inc. (the “Company”) on June 27, 2011, in connection with the
Chapter 11 filing, the Company, as seller, and Cardium Healthcare, Inc., a wholly-owned subsidiary of Cardium Therapeutics,
Inc. (NYSE Amex: CXM), as purchaser (the “Purchaser”) entered into an Asset Purchase Agreement dated June 26, 2011 (the
“Asset Purchase Agreement”) pursuant to which the Company had agreed to sell substantially all of the assets of the Company
(“Acquired Assets”) to the Purchaser pursuant to Sections 105, 363 and 365 of the Bankruptcy Code, subject to court approval
and the satisfaction of certain conditions set forth in the Asset Purchase Agreement.
Consummation of the sale to the Purchaser was subject to obtaining an order of approval from the Bankruptcy Court for which
the Company submitted a motion on June 29, 2011 requesting such approval. On July 26, 2011, the Bankruptcy court denied the
Company’s motion to approve the Asset Purchase Agreement. An order will be entered to that effect forthwith.
Given the Bankruptcy Court’s decision, the Company is now evaluating its options and will continue to seek alternatives to
liquidation of its assets in a chapter 7 case. There can be no assurance that the exploration of alternatives will result in any
agreements or transactions, or that, if completed, any agreements or transactions will be successful or on attractive terms. Any
potential agreement will be subject to approval by the Bankruptcy Court.