Cardium Therapeutics Inc. acquires and strategically develops 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 opportunities for monetization. The company’s investment portfolio currently includes the Tissue Repair Company and Cardium Biologics.
Cardium Therapeutics’ business model aims to create multiple opportunities for success, avoiding reliance on any single technology platform or product type, while leveraging its skills in late-stage product development. The company’s long-term strategy is to pursue cost-effective acquisitions with strong value enhancement potential as product opportunities and businesses are advanced and valuations rise.
In March of this year, Cardium Therapeutics highlighted several major developments that recently took place. Among these highlights the following were included: completion of Tissue Repair Company’s Matrix Phase 2b clinical trial of collagen-based products, application for Food and Drug Administration (FDA) 510(k) U.S. marketing clearance of ExcellagenXL™ and ExcellagenFX™, plans to develop a DNA-based orthobiologics product portfolio, and completion of two registered direct investments of Cardium’s common stock by institutional investors.
For the fourth quarter ended December 31, 2009, the company reported net income of $9.3 million, or $0.17 per share, compared to a net loss of $5.1 million, or $(0.11) per share, for the same period in 2008. Last month, Dawson James initiated coverage on the stock with a “Buy” rating and price target of $1.50. As of right now, Dawson is the only firm covering the stock.