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Cardium To Sell InnerCool Therapies Business To Philips Electronics

mergers_acquisitions_225px-w_bwJuly 16, 2009 (FinancialWire) — Cardium Therapeutics (AMEX: CXM) (Current Market Cap: US$ 89.17 Mil.) said it has entered into a definitive asset purchase agreement for the acquisition of its InnerCool Therapies business by Royal Philips Electronics (NYSE: PHG).

The asset purchase transaction for $11.25 million, as well as the transfer of around $1.5 million in trade payables. The deal is scheduled to close “shortly” according to a Cardium Therapautics statement.

Cardium CEO Christopher J. Reinhard said the sale “represents an important step forward” in Cardium’s overall business strategy, which is focused on the acquisition, strategic repositioning and partnering or sale of businesses within the company’s bio-medical investment portfolio.

The company will use the proceeds from this transaction to enhance Cardium’s balance sheet and for working capital to support the further development of Cardium’s biomedical investment portfolio and product development pipeline, particularly its Excellarate tissue repair product candidate.

San Diego-based Cardium’s initial investment portfolio includes medical technology companies primarily focused on the development, manufacture and sale of innovative therapeutic products and devices for cardiovascular, ischemic and related indications.

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