Biomedical: Cardium Back In Good Graces Of AMEX
June 25, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Cardium Therapeutics (AMEX: CXM) said that its estimated stockholders equity is now in excess of the threshold requirements under Section 1003(a)(i-iii) of the NYSE Amex LLC (formerly the American Stock Exchange listing guide.
Cardium's common stock is currently listed on the NYSE AMEX. To maintain that listing, the firm must continue to comply with various listing standards of the exchange, as set forth in Part 10 of the exchange's Company Guide.
In December 2008, Cardium received a notice from the staff of the exchange noting that, based on their review of publicly available information, the firm did not meet certain of the exchange's continued listing standards related to the maintenance of a minimum level of stockholders' equity and losses from ongoing operations.
In January 2009, Cardium submitted a plan of compliance advising the exchange of the actions taken or to be taken to regain compliance with the Company Guide. In February 2009, the Cardium plan was accepted and in July 2009, and the firm was subsequently informed that Cardium was considered to have regained compliance with the exchange's requirements, in advance of a June 23, 2010 deadline.
On December 28, 2009, the exchange noted that Cardium was not considered to be in compliance with Section 1003(a)(i) of the Company Guide with stockholders' equity of less than $2 million and losses from continuing operations and net losses in two of our three most recent fiscal years and Section 1003(a)(ii) of the Company Guide with stockholders' equity of less than $4 million and losses from continuing operations and net losses in three of our four most recent fiscal years.
With losses from continuing operations and net losses in five of the firm’s most recent fiscal years, the stockholders' equity threshold would increase to $6 million. The exchange asked Cardium to supplement a previously-filed plan advising the exchange of the actions we have taken or will take to regain compliance with the Company Guide by June 23, 2010.
Prior to the January 27, 2010 deadline, the firm provided a supplement to the plan to the exchange. On March 5, 2010, the exchange notified the company that based on its review of information provided, Cardium had made a reasonable demonstration of its ability to regain compliance with the requirements of sections 1003(a)(i) and 1003(a)(ii), of the NYSE Amex company guide by June 23, 2010.
On March 31, 2010, Cardium's stockholders equity was around $7.3 million and decreased to around $6.5 million as of June 23, 2010 as a result of ongoing expenses offset by reductions in derivative liabilities.
The company said it expects that its stockholders equity will increase to approximately $7 million as of June 30, 2010 in connection with continuing reductions in derivative liabilities as pricing protections associated with warrants continue to expire.
California-based Cardium is focused on the acquisition and strategic development of bio-medical product opportunities. Cardium's investment portfolio includes the Tissue Repair Co. and Cardium Biologics, medical technology companies primarily focused on the development of innovative therapeutic products for wound healing, bone repair, and cardiovascular indications.
In July 2009, Cardium completed the sale of its InnerCool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the company's biomedical investment portfolio.
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