Cardium (CXM) Sells Off Due To $6 Million Stock Offering

October 15, 2009 · Filed Under Financial 

Cardium Therapeutics (AMEX:CXM) is down 12% to $1.23 on news that  a registered direct offering of common stock to selected investors for aggregate gross proceeds of $6.0 million. The offering is made pursuant to a registration statement that was filed by Cardium Therapeutics with the Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on August 15, 2007.

Yesterday, Cardium reported positive data from its Matrix Phase 2b clinical trial of Excellarate for the potential treatment of patients with chronic non-healing diabetic foot ulcers based on the Company’s Gene Activated Matrix (GAM) technology platform. The study evaluated patients treated with the Excellarate product candidate (GAM501, which is a combination of Ad5PDGF-B and 2.6% collagen) or 2.6% collagen alone (matrix), compared to patients who received only the protocol-specified standard of care without any applied Ad5PDGF-B or collagen matrix. The news sent the stock higher.

Douglas A. McIntyre

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