Cardium Reports on First Quarter 2008 Highlights and Financial Results
SAN DIEGO, May 9 /PRNewswire-FirstCall/ — Cardium Therapeutics today reported recent highlights and developments, as well as financial results for its first quarter ended March 31, 2008.
(Logo: http://www.newscom.com/cgi-bin/prnh/20051018/CARDIUMLOGO) Highlights and Recent Developments — European commercialization agreement with Euromed Medizinisch GmbH (Euromed) for InnerCool’s CoolBlue(TM) surface temperature modulation system and RapidBlue endovascular system. Euromed, a leading distributor of cardiology medical products will have exclusive marketing, sales and distribution rights in Austria, Germany and Switzerland for InnerCool’s portfolio of temperature modulation systems. — Australian distribution agreement with Lifehealthcare Pty Ltd., one of Australia’s leading medical device distributors and health service providers. Under the agreement, Lifehealthcare has the exclusive rights to market, sell and distribute InnerCool’s CoolBlue and RapidBlue temperature modulation systems in Australia and New Zealand. — Publication by BioMed Central (BMC) Cardiovascular Disorders (2008, 8:7, April 10, 2008) of positive findings from a preclinical study conducted by researchers at Lund University Hospital in Sweden demonstrating a new and expanded benefit of early rapid cooling for the potential treatment of acute myocardial infarction (heart attack). The same researchers are currently recruiting patients for the RAPID-MI-ICE (Rapid Intravascular Cooling in Myocardial Infarction as Adjunctive to Percutaneous Coronary Intervention) clinical study, which is expected to enroll approximately 20 patients who present within six hours of their heart attack and require angioplasty and stent procedures. Patients randomized to the cooling arm (hypothermia) will be infused with one liter of iced saline in addition to endovascular cooling and patients assigned to the normothermia arm will receive routine standard of care without induced hypothermia. Additional information about the study can be found at http://www.clinicaltrials.gov/. — Ongoing patient recruitment for the Company’s Phase 3 Generx AWARE and Phase 2b Excellarate MATRIX clinical trials. The AWARE clinical trial is evaluating Generx as a potential treatment for myocardial ischemia (insufficient blood flow within the heart muscle) which gives rise to angina and is expected to enroll approximately 300 women at an estimated 50 U.S. medical centers. Additional information about the AWARE study can be found at http://www.cardiumthx.com/flash/aware.html. The MATRIX clinical trial is evaluating the safety and efficacy of Excellarate for the potential treatment of non-healing diabetic foot ulcers and is expected to enroll approximately 210 patients at up to 40 U.S. sites. Additional information about the MATRIX study can be found at http://www.t-r-co.com/images/Website_082407_(3).pdf. — Addition of Richard A. Schatz, M.D. to Cardium’s Scientific Advisory Board. Dr. Schatz is a pioneer of coronary stent technology and is Research Director of Cardiovascular Interventions at the Heart, Lung, and Vascular Center at Scripps Clinic in La Jolla, California. — Broadcast of the Science Channel’s “Cool Stuff: How it Works” series featuring the use of InnerCool’s endovascular cooling system during brain surgery at Stanford University. The segment (episode 5) is scheduled to be rebroadcast tonight, May 9, at 8:30 p.m. and 11:30 p.m. (ET/PT). Financial Report
For the quarter ended March 31, 2008, the Company reported a net loss of $6.7 million, or $0.16 per share, which included research and development costs totaling $3.4 million and selling, general and administrative expenses of $3.4 million. Non-cash charges relating to stock-based compensation, depreciation and amortization for the first quarter of fiscal 2008 totaled $906,000. Total revenue for the first quarter 2008 was $646,000, compared to $309,000 for the same quarter last year. The increase in revenue was a result of an increase in InnerCool sales resulting from our expanded sales and marketing efforts. Cash and cash equivalents as of March 31, 2008 were $6.3 million.
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 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 http://www.cardiumthx.com/ or view its 2007 Annual Report at http://www.cardiumthx.com/flash/pdf/CardiumAR07_Book_FINAL.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(TM), which has received regulatory clearance in the U.S., Europe and Australia, and its CoolBlue(TM) surface-based system, which is currently being marketed in the U.S., please visit http://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(TM), 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(TM) 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(TM) (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 http://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. For example, there can be no assurance that human clinical trials can be conducted and completed in an efficient and successful manner, that product modifications or launches will be successful or that the resulting products will be favorably received in the marketplace, that results or trends observed in one clinical study or procedure will be reproduced in subsequent studies or procedures, that our products or product candidates will prove to be sufficiently safe and effective, that necessary regulatory approvals will be obtained, that third parties on whom we depend will perform as anticipated, or 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. 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, risks and uncertainties that are inherent in the development of complex biologics and the conduct of human clinical trials, including the timing, costs and outcomes of such trials, and our ability to obtain necessary funding, regulatory approvals and expected qualifications, our limited experience in the development, testing and marketing of therapeutic hypothermia devices and whether our efforts to accelerate the commercialization of such devices and launch new devices will be successful or completed within the timeframes contemplated, 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.
Copyright 2008 Cardium Therapeutics, Inc. All rights reserved. For Terms of Use Privacy Policy, please visit http://www.cardiumthx.com/. Cardium Therapeutics(TM), Corgentin(TM) and Generx(TM) are trademarks of
Cardium Therapeutics, Inc. Tissue Repair(TM), Gene Activated Matrix(TM), GAM(TM) and Excellarate(TM) are
trademarks of the Tissue Repair Company. InnerCool Therapies(R), InnerCool(R), Celsius Control System(TM), Accutrol(TM), CoolBlue(TM) and RapidBlue(TM) are trademarks of InnerCool Therapies, Inc. – Continued – Cardium Therapeutics, Inc. Three Months Ended March 31, (Unaudited) Selected Condensed 2008 2007 Consolidated Operational Results Revenues $646,002 $309,331 Cost of goods sold (370,696) (246,565) Gross profit 275,306 62,766 Research and development 3,372,480 3,242,866 Selling, general and administrative 3,385,566 2,539,101 Amortization – Intangibles 197,414 207,043 Loss from operations (6,680,154) (5,926,244) Interest income (expense), net (53,974) 86,395 Net loss $(6,734,128) $(5,839,849) Net loss per common share – basic and diluted $(0.16) $(0.17) Weighted average shares outstanding – basic and diluted 42,709,247 34,362,080 Selected Condensed March 31, December 31, Consolidated Balance Sheet 2008 2007 (unaudited) (audited) Cash and cash equivalents $6,300,638 $7,722,816 Accounts receivable, net 311,837 565,613 Inventories, net 1,337,870 1,037,164 Prepaid expenses and other current assets 657,820 522,067 Property and equipment, net 1,644,416 1,650,632 Patented technology and intangibles, net 4,568,916 4,766,330 Other long-term assets 748,023 661,067 Total assets $15,569,520 $16,925,689 Total current liabilities $5,545,073 $5,255,392 Long-term liabilities 2,849,334 3,241,992 Stockholder’s equity 7,175,113 8,428,305 Total liabilities and stockholder’s equity $15,569,520 $16,925,689
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Cardium Therapeutics, Inc.
CONTACT: Bonnie Ortega, Director, Investor-Public Relations of CardiumTherapeutics, Inc., +1-858-436-1018, InvestorRelations@cardiumthx.com
Web site: http://www.cardiumthx.com/http://www.innercool.com/http://www.t-r-co.com/