A Medical Device Daily

Cardium Therapeutics (San Diego) reported that it has entered into a purchase agreement with institutional and other accredited or qualified investors for the sale of shares of its common stock and warrants to purchase shares of its common stock in a registered direct offering.

At closing, the transaction will result in gross proceeds to Cardium of about $5.3 million, before placement agent fees and offering expenses and excluding any future proceeds from the exercise of the warrants to be issued in the offering.

The company said that proceeds from the transaction will be used in the further development of Cardium’s ongoing programs, as well as for other general corporate purposes. The transaction is expected to close on or about Jan. 31, subject to certain customary closing conditions.

Empire Asset Management Company acted as the sole placement agent for the transaction.

Cardium and its subsidiaries, InnerCool Therapies and Tissue Repair (TRC; both San Diego), are medical technology companies primarily focused on the development of therapeutic products and devices for cardiovascular, ischemic and related indications.

Cardium’s InnerCool Therapies subsidiary is involved in field-of-temperature modulation therapy designed to rapidly and controllably cool the body in order to reduce cell death and damage following acute ischemic events such as cardiac arrest or stroke, and to potentially lessen or prevent associated injuries such as adverse neurological outcomes.

The TRC subsidiary is a biopharmaceutical company focused on the development of growth factor therapeutics for the treatment of severe chronic diabetic wounds. Other potential applications for TRC’s gene activated matrix technology include therapeutic angiogenesis (cardiovascular ischemia, peripheral arterial disease) and orthopedic products, including hard tissue (bone) and soft tissue (ligament, tendon, cartilage) repair.

In other financing news: Aethlon Medical (San Diego) and Delcath Systems (New York) reported a collaboration to jointly research and develop an advanced filtration cartridge for potential use in Delcath Systems’ percutaneous hepatic perfusion (PHP) system, a technology designed to isolate and deliver high doses of anti-cancer agents to specific organs or regions of the body, while minimizing the exposure of the drugs to the rest of the body.

Aethlon Medical is researching and developing a hybrid filter technology capable of removing traditional anti-cancer agents, as well as newer drug agents that may not be candidates for traditional carbon-based filters, from the blood. Delcath will fund the initial stage of this collaboration through the purchase of 100,000 Aethlon Medical common shares at $1 per share.