Cardium Reports on Recent Highlights and Financial Results
SAN DIEGO - Cardium Therapeutics reported results for its fiscal year ended December 31, 2006, and other important recent developments.
“Cardium has made significant progress with our three strategic acquisitions of novel biologic therapeutics and FDA-cleared medical devices for cardiovascular and ischemic disease,” stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics. “We believe our recent financing will allow us to initiate our Phase 3 AWARE clinical study in women, initiate our Phase 2b Excellarate clinical study in the second half of 2007, and accelerate our commercialization of InnerCool’s systems for patient temperature modulation therapy. We will continue to seek additional opportunities and execute on business strategies designed to enhance stockholder value.”
Highlights and Recent Developments
Advancement of Generx to a Phase 3 clinical trial in women (the AWARE study). Generx is the first and only DNA-based cardiovascular therapeutic to be advanced to Phase 3, and is believed to be the only current Phase 3 product candidate for the potential treatment of stable angina due to coronary artery disease and associated myocardial ischemia, a chronic medical condition affecting millions of patients worldwide.
Completion of a $21.5 million equity financing with institutional and other accredited investors placed by Oppenheimer & Co. Inc.
Acquisition of InnerCool Therapies, a leading provider of FDA-cleared therapeutic patient temperature modulation systems in March 2006. The Company recently announced plans to launch two next-generation medical device systems for patient temperature modulation. Both the new internal and external systems are expected to be cleared for market launch within the next two quarters.
Acquisition of Excellarate product candidate for chronic diabetic ulcers and related technology and assets from the Tissue Repair Company in August 2006. Excellarate is expected to advance into a randomized, double-blind, placebo-controlled, multi-center Phase 2b clinical study commencing in the second half of 2007.
Presentation of meta-analysis findings of Company’s AGENT clinical trials showing that Generx may hold the potential to bring about substantial improvements in blood flow within the ischemic heart of a magnitude similar to those seen after bypass surgery or angioplasty.
More specific information regarding these and other developments can be found in the corresponding news releases and other information provided on Cardium’s website at cardiumthx.com and in Cardium’s filings with the Securities and Exchange Commission.
Cardium began operations following the Company’s initial funding and the completion of a merger transaction in the fourth quarter of 2005. For the year ended December 31, 2006 the Company reported net operating losses totaling $18.6 million, or a loss of $(0.59) per share, which included research and development costs totaling $8.4 million and general administrative and selling expenses of $10.1 million. The 2006 net operating loss included $1.5 million for transactional costs related to the Company’s corporate development activities, including the acquisition of the technologies and products of InnerCool Therapies in March 2006 and the Excellarate product candidate from the Tissue Repair Company in August 2006, and $1.6 million for non-cash charges relating to stock-based compensation. Total revenue for the year ended December 31, 2006 was $756,000 and the Company ended the year with cash and cash equivalents totaling $5.9 million. On March 9, 2007, the Company reported closing an equity financing of $21.5 million, before placement agent fees and offering expenses.
Total shares of common stock outstanding at December 31, 2006 were 32.2 million compared to 29.2 million at December 31, 2005. In early January 2006, the Company filed a resale registration statement on Form SB-2 with the Securities and Exchange Commission, covering the registration of 30 million shares of common stock held by current investors, including those who acquired shares in the October 2005 private placement of 19.3 million shares of common stock at a purchase price of $1.50 per share. In connection with the March 2007 equity financing, Cardium issued 8.6 million shares of common stock at $2.50 per share with warrant coverage representing up to approximately an additional 3.0 million shares of common stock. The total number of shares of common stock outstanding as of March 9, 2007 was 40.9 million shares.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.