Cardium Therapeutics Inc. said Feb. 16 that it raised $5 million in gross proceeds through a direct sale of nearly 18 million shares of its common stock. The San Diego-based medical technology company said it would use the funds for general working capital.
Three institutional and accredited investors participated in the offering, paying 28 cents per share with no warrant coverage, the company said. New York-based investment banking firm Ladenburg Thalmann & Co. Inc. acted as the exclusive placement agent for the offering.
Cardium Therapeutics acquires and develops biomedical products and businesses that have the potential to address significant unmet medical needs.
Its portfolio, focused on health sciences and regenerative medicine, includes Tissue Repair Co., Cardium Biologics and its in-house MedPodium Health Sciences healthy lifestyle products.
The company’s lead commercial product, Excellagen topical gel for wound care, recently gained clearance from the Food and Drug Administration and is scheduled to launch in the first quarter.
Cardium had a 2010 net loss of $4.7 million on revenues of $244,479. The company hasn’t yet issued its 2011 financial results.
The company’s stock trades on New York Stock Exchange Amex under the symbol CXM.
— Kelly Quigley