Cardium Announces Receipt of $1.1 Million in Funds from Philips' Acquisition of Innercool Therapies
SAN DIEGO, Aug. 18, 2011 /PRNewswire/ -- Cardium Therapeutics (NYSE Amex: CXM) today reported that it had received funds corresponding to the final $1.1 million payment from Royal Philips Electronics in connection with Philips' acquisition of Innercool Therapies from Cardium. The release of funds from restricted cash represents the receipt of all amounts escrowed in connection with the Innercool acquisition by Philips, less an adjustment of approximately $50,000 to correct for working capital revisions and costs in connection with the closing of the $11.25 million transaction.
"Cardium's strategic repositioning and sale of Innercool Therapies to one of the world's leading companies providing healthcare and other products, represents the first monetization from the Company's biomedical investment portfolio, and we are now focused on other opportunities with the potential for future partnering," noted Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium.
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses that have the potential to address significant unmet medical needs and definable pathways to commercialization, partnering and other economic monetizations. Cardium's investment portfolio includes the Tissue Repair Company and Cardium Biologics, medical technology companies primarily focused on the development of innovative therapeutic products for wound healing, bone repair, and cardiovascular indications. In July 2009, Cardium completed the sale of its Innercool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the Company's biomedi