Taxus Cardium Pharm Group Inc (fka CRXM)

[clydesur]

Cardium Exchange Listing Compliance Plan Accepted by NYSE MKT
9:00a ET January 16, 2013 (PR NewsWire)

Cardium Therapeutics (NYSE MKT: CXM) today reported that its exchange listing compliance plan submitted on December 6, 2012 has been accepted by the NYSE MKT.

(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)

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 reestablish 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 in advance of the March 31, 2013 timeframe, and the plan has now been accepted by the listing exchange.

The notification received from the listing exchange had no current effect on the listing of the company's shares on the exchange. Rather the company was afforded the opportunity to submit a plan pursuant to which the company would seek to establish compliance with the requirements of Section 1003(a)(iv) of the exchange's company guide by March 31, 2013. Additional information and provisions regarding the NYSE MKT requirements are found in Part 10 of its company guide. The company will be subject to periodic review by the exchange staff during the period covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the applicable extension periods could result in the company's shares being delisted from the exchange. If the company's common stock was not traded on the NYSE MKT, it would be expected to trade on the OTCQX, an alternative regulated quotation service that provides quotes, sale prices and volume information in over-the-counter equity securities. The company's common stock was traded on the OTC until July 2007, when the company elected to instead list its shares on the American Stock Exchange.

CXM