Cardium Therapeutics Inc (CXM, Financial) filed Quarterly Report for the period ended 2010-09-30.
Cardium Therapeutics Inc has a market cap of $37.6 million; its shares were traded at around $0.4825 with and P/S ratio of 84.4. CXM is in the portfolios of Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC.
Research and development expenses for the nine months ended September 30, 2010 were $1,871,175 compared to $3,528,249 for the same nine month period last year. The decrease of $1,657,074 was primarily due to a reduction in expenses related to our Excellarate product candidate in its Phase 2b clinical trial. There were also reductions in Generx (AWARE) Phase 3 clinical trial costs partially offset by a performance bonus accrual of $145,000 which was accrued during the second quarter of 2010 and covers 2007, 2008 and 2009. Half of the accrued performance bonus was paid in the third quarter of 2010. The remainder will be paid upon our receipt of FDA 510(k) clearance for our Excellagen product.
General and administrative expenses for the nine months ended September 30, 2010 were $3,402,561 compared to $3,819,473 for the nine months ended September 30, 2009. The decrease of $416,912 for the nine months was primarily the result of decreases in professional fees and stock option compensation expense, insurance costs and rent offset by a performance bonus accrual of $440,000 which was accrued during the second quarter of 2010 and covers 2007, 2008 and 2009. Half of the accrued performance bonus was paid in the third quarter of 2010. The remainder will be paid upon our receipt of FDA 510(k) clearance for our Excellagen product.
Interest income for the nine months ended September 30, 2010 was $27,006 compared to $9,702 for the same nine month period last year. The $17,304 increase in interest income for the nine month period when compared to the same period last year was related to the increase in cash available for investment during the respective periods.
As of September 30, 2010 we had $7,700,648 in cash and cash equivalents and $1,425,000 in restricted cash. Our working capital at September 30, 2010 was $7,594,792 (excluding $3,451,467 for the fair value of derivative liabilities).
Our primary source of liquidity has been cash flows from financing activities and in particular proceeds from the sales of our equity and debt securities. On March 12, 2010, we completed a registered direct offering of 2,266,998 units, which were sold to institutional and retail investors, at a price of $5.00 per unit. Each unit consisted of 10 shares of common stock and a warrant to purchase 5 shares of common stock. The warrants are exercisable at an exercise price of $0.64 per share, at any time after six months from the date of closing and have a term of exercise equal to five years from the date the warrants are initially exercisable. In the aggregate 22,669,980 shares of common stock and warrants to purchase an additional 11,334,990 shares of common stock were issued in the offering. The offering resulted in gross proceeds to us of $11.3 million, and net proceeds of approximately $10.4 million after payment of offering fees and expenses.
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Cardium Therapeutics Inc has a market cap of $37.6 million; its shares were traded at around $0.4825 with and P/S ratio of 84.4. CXM is in the portfolios of Steven Cohen of SAC Capital Advisors, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
General and administrative expenses for the three months ended September 30, 2010 were $1,083,066 compared to $1,309,332 for the three months ended September 30, 2009. The decrease of $226,266 was primarily due to decreases in insurance costs and professional fees offset by salary related costs. In addition for the three months ended September 30, 2009 expenses included a one-time charge of $135,344 for the abandonment of some leasehold improvements we made at the Innercool therapies facility.Research and development expenses for the nine months ended September 30, 2010 were $1,871,175 compared to $3,528,249 for the same nine month period last year. The decrease of $1,657,074 was primarily due to a reduction in expenses related to our Excellarate product candidate in its Phase 2b clinical trial. There were also reductions in Generx (AWARE) Phase 3 clinical trial costs partially offset by a performance bonus accrual of $145,000 which was accrued during the second quarter of 2010 and covers 2007, 2008 and 2009. Half of the accrued performance bonus was paid in the third quarter of 2010. The remainder will be paid upon our receipt of FDA 510(k) clearance for our Excellagen product.
General and administrative expenses for the nine months ended September 30, 2010 were $3,402,561 compared to $3,819,473 for the nine months ended September 30, 2009. The decrease of $416,912 for the nine months was primarily the result of decreases in professional fees and stock option compensation expense, insurance costs and rent offset by a performance bonus accrual of $440,000 which was accrued during the second quarter of 2010 and covers 2007, 2008 and 2009. Half of the accrued performance bonus was paid in the third quarter of 2010. The remainder will be paid upon our receipt of FDA 510(k) clearance for our Excellagen product.
Interest income for the nine months ended September 30, 2010 was $27,006 compared to $9,702 for the same nine month period last year. The $17,304 increase in interest income for the nine month period when compared to the same period last year was related to the increase in cash available for investment during the respective periods.
As of September 30, 2010 we had $7,700,648 in cash and cash equivalents and $1,425,000 in restricted cash. Our working capital at September 30, 2010 was $7,594,792 (excluding $3,451,467 for the fair value of derivative liabilities).
Our primary source of liquidity has been cash flows from financing activities and in particular proceeds from the sales of our equity and debt securities. On March 12, 2010, we completed a registered direct offering of 2,266,998 units, which were sold to institutional and retail investors, at a price of $5.00 per unit. Each unit consisted of 10 shares of common stock and a warrant to purchase 5 shares of common stock. The warrants are exercisable at an exercise price of $0.64 per share, at any time after six months from the date of closing and have a term of exercise equal to five years from the date the warrants are initially exercisable. In the aggregate 22,669,980 shares of common stock and warrants to purchase an additional 11,334,990 shares of common stock were issued in the offering. The offering resulted in gross proceeds to us of $11.3 million, and net proceeds of approximately $10.4 million after payment of offering fees and expenses.
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