A Medical Device Daily

Cardium Therapeutics (San Diego) reported the completion of a $6 million financing in the form of secured debt with accompanying warrants to purchase shares of common stock, replacing a prior debt financing that was concluded and paid off last quarter.

The Barone Group was lead investor in the transaction, for which Empire Asset Management was financial advisor.

"This financing is designed to provide proceeds to help advance the company to two very important business milestones for Cardium," said Christopher Reinhard, chairman/CEO. "These key events include completion of the MATRIX clinical study for Tissue Repair's Excellarate candidate for non-healing diabetic wounds, and advancement of InnerCool's portfolio of therapeutic hypothermia products into vertical partnering opportunities with companies having existing sales and marketing organizations but a continuing need for innovative high-value products."

Cardium and its subsidiaries, InnerCool Therapies and the Tissue Repair Co., are medical technology companies primarily focused on products and devices for cardiovascular, ischemic and related indications.

Excellarate is a DNA-activated collagen gel for topical treatment formulated with an adenovector delivery carrier encoding human platelet-derived growth factor-BB (PDGF-BB).

Excellarate is initially being developed to be administered once or twice for the potential treatment of non-healing diabetic foot ulcers.

Potential applications for Gene Activated Matrix include therapeutic angiogenesis (cardiovascular ischemia, peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage) repair.