SAN DIEGO, Feb. 10 /PRNewswire-FirstCall/ -- Cardium Therapeutics, Inc. announced today that the Securities and Exchange Commission has declared effective its resale registration statement on Form SB-2 relating to the resale by certain of its security holders of shares of Cardium's common stock. The registration statement registers the resale by the selling stockholders named in the registration statement of shares of stock issued to them in connection with a private placement transaction and a reverse merger transaction, each of which was completed in October 2005. In connection with the private placement and the reverse merger, Cardium also issued warrants to purchase its common stock. The resale of the shares underlying those warrants was also covered by the registration statement. Cardium will receive no proceeds from the resale of common stock by the selling stockholders, but it may receive proceeds from the exercise of the warrants.
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Selling stockholders included in the resale registration statement may obtain a copy of the prospectus relating to their shares of Cardium common stock via email at
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About the Company
Cardium Therapeutics, Inc., founded in 2003 and headquartered in San Diego, is primarily focused on interventional cardiology and the development and commercialization of non-surgical cardiovascular DNA-based therapeutics. Our lead product candidate, Generx(TM), is a non-surgical angiogenic therapy designed to be a one-time treatment for patients with recurrent angina due to coronary artery disease. Generx and the related cardiovascular technology platform were pioneered by Collateral Therapeutics, a San Diego-based biotechnology company co-founded by Cardium's CEO Christopher J. Reinhard. In 1996, Schering AG Germany and Collateral Therapeutics entered into a strategic partnership to develop angiogenic DNA-based therapeutics, including Generx. Based on the advancing clinical progress of Generx, Schering AG acquired Collateral Therapeutics in 2002. In October 2005, Cardium acquired a portfolio of cardiovascular growth factor therapeutics from Schering AG Germany, including the later-stage product candidate, Generx, and completed a $30 million financing. For more information about Cardium and its product candidates, please visit http://www.cardiumthx.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 the effectiveness of a resale registration statement will increase investor participation or volume, that required clinical trials will be successful, that necessary regulatory approvals will be obtained, or that the proposed treatments will prove to be safe or effective. 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 of DNA-based cardiovascular therapeutics, 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 made by us 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.
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