SAN DIEGO, Aug. 18, 2011 /PRNewswire/ — Cardium Therapeutics
(NYSE Amex:
CXM) today reported that it had received funds corresponding to
the final $1.1 million payment from Royal Philips Electronics in
connection with Philips’ acquisition of Innercool Therapies from
Cardium. The release of funds from restricted cash represents
the receipt of all amounts escrowed in connection with the
Innercool acquisition by Philips, less an adjustment of
approximately $50,000 to correct for working capital revisions and
costs in connection with the closing of the $11.25 million
transaction.
(Logo: http://photos.prnewswire.com/prnh/20051018/CARDIUMLOGO)
“Cardium’s strategic repositioning and sale of Innercool
Therapies to one of the world’s leading companies providing
healthcare and other products, represents the first monetization
from the Company’s biomedical investment portfolio, and we are now
focused on other opportunities with the potential for future
partnering,” noted Christopher J. Reinhard, Chairman and Chief
Executive Officer of Cardium.
About Cardium
Cardium is focused on the acquisition and strategic development
of new and innovative bio-medical product opportunities and
businesses that have the potential to address significant unmet
medical needs and definable pathways to commercialization,
partnering and other economic monetizations. Cardium’s
investment portfolio includes the Tissue Repair Company 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 biomedi
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