SAN DIEGO, Jan. 19 /PRNewswire-FirstCall/ -- Cardium Therapeutics, Inc. , announced the successful completion of its corporate reorganization, the election of its new Board of Directors, and the approval of a number of other proposals at an Annual Meeting of Stockholders held January 17, 2006. In connection with the corporate reorganization, Cardium's former parent, Aries Ventures Inc., was merged with and into Cardium Therapeutics, Inc., a Delaware corporation. Cardium expects to provide an update shortly regarding its new trading symbol once it has been issued. Cardium also announced the filing of a resale registration statement on Form SB-2 with the Securities and Exchange Commission, which is intended to cover the registration of 30,074,393 shares of common stock held by its current investors, including those who acquired shares in the Company's private placement completed in October 2005.
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"The approval of our corporate reorganization, our new Board and the other proposals represents an important step forward in facilitating execution of our business plans. We also look forward to registering our investors' shares, which not only exhibits our commitment to our current investors, but should also provide Cardium with the potential for increased investor participation and additional trading volume, which we believe are important steps toward enhancing stockholder value," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium Therapeutics.
The Company's newly-elected Board consists of the following seven directors: (1) Tyler M. Dylan, Ph.D., J.D. (Cardium's co-founder, Chief Business Officer and General Counsel, who was formerly an executive officer of Collateral Therapeutics, Inc. and a partner of Morrison & Foerster LLP); (2) Edward W. Gabrielson, M.D. (physician and professor at the Johns Hopkins University School of Medicine); (3) Murray H. Hutchison (a director of Jack in the Box, Inc. and of Cadiz, Inc., formerly Chairman and CEO of International Technology Corp.); (4) Gerald J. Lewis (a director of the AIM Mutual Funds and former Justice of the California Court of Appeal); (5) Lon E. Otremba (principal partner of a management advisory firm and formerly an executive officer of Muzak LLC and of Time Warner); (6) Christopher J. Reinhard (Cardium's co-founder and its Chairman and CEO, formerly an executive officer of Collateral Therapeutics, Inc. and of the Henley Group); and (7) Ronald I. Simon, Ph.D. (a director of WFS Financial Inc. and American Independence Corp.). Additional information regarding the Company's directors and its management team can be found on our website at www.cardiumthx.com under "Investors -- Board and Management." Additional information regarding the proposals approved at the Annual Meeting and Cardium's resale registration statement can be found in our filings with the SEC, which are also available for review on our website under "Investors-SEC Filings."
About the Company
Cardium Therapeutics, Inc., founded in 2003 and headquartered in San Diego, is primarily focused on interventional cardiology and the development and commercialization of non-surgical cardiovascular DNA-based therapeutics. Our lead product candidate, Generx(TM), is a non-surgical angiogenic therapy designed to be a one-time treatment for patients with recurrent angina due to coronary artery disease. Generx and the related cardiovascular technology platform were pioneered by Collateral Therapeutics, a San Diego-based biotechnology company co-founded by Cardium's CEO Christopher J. Reinhard. In 1996, Schering AG Germany and Collateral Therapeutics entered into a strategic partnership to develop angiogenic DNA-based therapeutics, including Generx. Based on the advancing clinical progress of Generx, Schering AG acquired Collateral Therapeutics in 2002. In October 2005, Cardium announced the acquisition of a portfolio of cardiovascular growth factor therapeutics from Schering AG Germany, including the later-stage product candidate, Generx, and completed a $30 million financing. For more information about Cardium and its product candidates, please visit www.cardiumthx.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed in this press release are forward looking and reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond our control and may cause actual results to differ materially from stated expectations. For example, there can be no assurance that our reorganization or business strategies will enhance stockholder value, that the filing or effectiveness of a resale registration statement will increase investor participation or volume, that third parties on whom we depend will perform as anticipated, that required clinical trials will be successful, that necessary regulatory approvals will be obtained, or that the proposed treatments will prove to be safe or effective. Actual results may also differ substantially from those described in or contemplated by this press release due to risks and uncertainties that exist in our operations and business environment, including, without limitation, our limited experience in the development of DNA-based cardiovascular therapeutics, our dependence upon proprietary technology, our history of operating losses and accumulated deficits, our reliance on collaborative relationships and critical personnel, and current and future competition, as well as other risks described from time to time in filings made by us with the Securities and Exchange Commission. We undertake no obligation to release publicly the results of any revisions to these forward-looking statements to reflect events or circumstances arising after the date hereof.
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Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20051018/CARDIUMLOGOPRN Photo Desk, photodesk@prnewswire.comCardium Therapeutics, Inc.CONTACT: Bonnie Ortega, Director, Investor/Public Relations of CardiumTherapeutics, Inc., +1-858-436-1018, InvestorRelations@cardiumthx.com
Web site: http://www.cardiumthx.com//
