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Cardium's InnerCool Therapies Business to Be Acquired By Royal Philips Electronics
Date:7/15/2009

SAN DIEGO, July 15 /PRNewswire-FirstCall/ -- Cardium Therapeutics (NYSE Amex: CXM) ("Cardium") today announced that it has entered into a definitive Asset Purchase Agreement for the acquisition of Cardium's InnerCool Therapies business ("InnerCool") by Royal Philips Electronics (NYSE: PHG, AEX: PHI). The asset purchase transaction for $11.25 million, as well as the transfer of approximately $1.5 million in trade payables, is subject to customary closing conditions but is expected to close shortly. Once this transaction is complete the InnerCool business will operate within Philips' Healthcare sector.

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"The acquisition of InnerCool by Philips 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 our bio-medical investment portfolio. With a substantially reduced cost structure, the proceeds from this transaction will be used 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(TM) Tissue Repair product candidate, which recently completed enrollment for a key clinical study," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics and InnerCool Therapies. "We have made significant progress in developing best-in-class products and a portfolio of innovative product opportunities, and we will continue to seek additional partnering
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SOURCE Cardium Therapeutics
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