Cardium Therapeutics closes $11.3M registered direct offering

Cardium Therapeutics, Inc. (NYSE Amex: CXM) today reported it has closed its registered direct offering announced on March 9, 2010.  The offering resulted in total gross proceeds to Cardium of $11.3 million, which included the full initial offering amount of $10.0 million, plus an additional overallotment amount purchased by institutional investors.

Including the overallotment of units purchased, Cardium sold a total of approximately 2.3 million units at a per unit purchase price of $5.00 resulting in gross proceeds of $11.3 million before deducting placement agent fees and offering expenses.  Each unit consists of 10 shares of common stock and a common stock purchase warrant to purchase 5 shares of common stock.  The common stock purchase warrants are exercisable at an exercise price of $0.64 per share, at any time after six months from the date of closing and have a term of exercise equal to five years from the initial exercise date. Dawson James Securities acted as the exclusive placement agent for the offering.

The offering was made pursuant to a shelf registration statement that was filed by Cardium Therapeutics with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on December 19, 2007.  A prospectus supplement related to the public offering was filed with the SEC on March 9, 2010.  Copies of the final prospectus and accompanying preliminary prospectus supplement relating to the offering may be obtained from the SEC's website at http://www.sec.gov.

SOURCE Cardium Therapeutics