Healthcare Industry News: Cardium Therapeutics
News Release - November 14, 2007
Cardium and InnerCool Complete $5 Million Commercial Financing to Support Launch of New Product LinesSAN DIEGO--(HSMN NewsFeed)--Cardium Therapeutics (AMEX:CXM ) and its subsidiary InnerCool Therapies today announced the completion of a $5 million commercial credit facility with Life Sciences Capital to support the launch of InnerCool’s new product lines for patient temperature modulation and other ongoing product development activities.
“Cardium and InnerCool recently announced the launch of the new CoolBlue™ surface-based patient temperature modulation system and expect to announce the launch of InnerCool’s new RapidBlue™ endovascular system next quarter. These two next-generation systems are designed to advance InnerCool to the forefront of the emerging field of therapeutic hypothermia by making it the only company positioned to offer leading approaches to temperature modulation both from outside the body for less acute situations, and from inside the body for acute settings,” stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics and InnerCool Therapies.
Further information regarding the establishment of the new credit facility can be found in Cardium’s Quarterly Report on Form 10-Q as filed today with the Securities and Exchange Commission.
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 and related indications. Cardium’s lead product candidate, Generx (alferminogene tadenovec, Ad5FGF-4), is a DNA-based growth factor therapeutic being developed for potential use by interventional cardiologists as a one-time treatment to promote and stimulate the growth of collateral circulation in the hearts of patients with ischemic conditions such as recurrent angina. For more information about Cardium Therapeutics and its businesses, products and therapeutic candidates, please visit www.cardiumthx.com or view its recent 2006 Annual Report at www.cardiumthx.com/flash/pdf/2006CardiumAnnualReport.pdf.
Cardium’s InnerCool Therapies subsidiary is a San Diego-based medical technology company in the emerging field of temperature modulation therapy to rapidly and controllably cool the body in order to reduce cell death and damage following acute ischemic events such as cardiac arrest 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, including InnerCool’s Celsius Control System™, which has received regulatory clearance in the U.S., Europe and Australia, and its CoolBlue™ surface-based system, which is currently being marketed in the U.S., please visit www.innercool.com.
Cardium’s Tissue Repair Company subsidiary (TRC) is 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-BB (PDGF-BB). Excellarate is initially being developed to be administered once or twice for the potential treatment of non-healing diabetic foot ulcers. Other potential applications for TRC’s Gene Activated Matrix™ (GAM) technology include therapeutic angiogenesis (cardiovascular ischemia, peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage) repair. For more information about Cardium’s Tissue Repair Company subsidiary, please visit www.t-r-co.com.
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. For example, there can be no assurance that product modifications or launches will be successful or that the resulting products will be favorably received in the marketplace, that our products or proposed products will prove to be sufficiently safe and effective, that our products or product candidates will not be unfavorably compared to competitive products that may be regarded as safer, more effective, easier to use or less expensive, that results or trends observed in one clinical study will be reproduced in subsequent studies, or that necessary regulatory approvals will be obtained. 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, and current and future competition, as well as 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.
Cardium Therapeutics™ and Generx™ are trademarks of Cardium Therapeutics, Inc.
Gene Activated Matrix™ and GAM™ are trademarks of Tissue Repair Company.
InnerCool Therapies®, InnerCool®, Celsius Control System™, Accutrol™, CoolBlue™ and RapidBlue™ are trademarks of InnerCool Therapies, Inc.
Source: Cardium Therapeutics
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