Cardium receives $245,000 grant under QTDP program

Cardium Therapeutics (NYSE AMEX: CXM) today announced that it was awarded a cash grant of approximately $245,000 under the U.S. Government's Qualifying Therapeutic Discovery Project ("QTDP") program to further its Generx clinical development program. 

 The QTDP program was created by Congress as part of the Patient Protection and Affordable Care Act and provides a tax credit or grant equal to 50% of eligible 2009 research and development expenditures.  The Department of Treasury further allocated these credits and grants among qualified applicants since the program was oversubscribed.  The funds are immediately available and the Company will recognize the full award that was authorized on October 29, 2010 as revenue during the fourth quarter 2010.

SOURCE Cardium Therapeutics