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Cardium To Raise $5 Million In Direct Offering

March 10, 2010 (FinancialWire) — Cardium Therapeutics, Inc. (AMEX: CXM) said it has entered into agreements with certain institutional investors to sell $5 million out of its proposed $10 million registered direct offering.

According to Cardium, the balance of the registered direct offering is expected to be confirmed by additional investors on or around March 12, resulting in aggregate gross offering proceeds to the firm of up to around $10 million.

Cardium plans to use the proceeds from the offering for general corporate purposes.

In the offering, Cardium is selling 2 million Units at a per Unit purchase price of $5. Each Unit consists of 10 shares of common stock and a common stock purchase warrant to purchase 5 shares of common stock.

The common stock purchase warrants are exercisable at an exercise price of $0.64 per share, are exercisable at any time after six months from the date of closing and have a term of exercise equal to five years.

California-based Cardium is focused on the acquisition and strategic development of bio-medical product opportunities and businesses.

The company’s investment portfolio includes the Tissue Repair and Cardium Biologics, medical technology companies primarily focused on the development of innovative therapeutic products for tissue repair and cardiovascular indications.

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