Cardium Announces $5.0M Financing With Institutional Investors

Cardium Therapeutics (NYSE: CXM) today announced that it has entered into definitive agreements with three institutional and accredited investors to sell an aggregate of 17,857,143 shares of its common stock in a registered direct offering for gross proceeds of approximately $5.0 million, before deducting placement agent's fees and estimated offering expenses.

The investors have agreed to purchase the shares of common stock for a price of $0.28 per share with no warrant coverage. The closing of this offering is expected to occur on or about February 16, 2012, subject to the satisfaction of customary closing conditions. The net proceeds from the offering will be used for general working capital purposes.