Cardium Therapeutics today presented recent highlights and other business developments while reporting its financial results for the second quarter ended June 30, 2013.
The company said it now has four business units in its portfolio: Angionetics Biologics, which includes Cardium's late-stage DNA-based Generx® cardiovascular biologic product candidate; Activation Therapeutics, which includes the company's regenerative medicine wound healing technology platform, including its Excellagen® advanced wound care product; To Go Brands, Inc. which includes the company's health sciences and nutraceutical business; and LifeAgain Insurance Solutions, Inc. which is focused on building the company's medical data analytics technology platform.
Other highlights include, but are not limited to:
•Cardium notes that additional corporate development transactions designed to place its product candidates or businesses into larger organizations or with partners could involve the sale, partnering, or other monetization of particular product opportunities or businesses.
•Recently filed a 510(k) submission for its current FDA-cleared Excellagen advanced wound care product and has plans to modify the product's packaging to include individually pouched applicator syringes and a large volume syringe applicator to allow for easier use in larger-sized wounds and other surgical applications. Cardium recently entered into a distribution agreement with AvKARE Inc., its new sales and distribution partner for Excellagen in Veterans Hospitals and other governmental medical facilities throughout the United States.
•Has entered into a distribution agreement with Kasiak Holdings AG for the marketing and sale of Excellagen in Germany and Switzerland.
•Entered into two research collaborations: Orbsen Therapeutics Ltd and the National University of Ireland, Galway, to utilize Cardium's Excellagen as a delivery agent for Orbsen's proprietary stromal cell therapy in pre-clinical studies for the potential treatment of diabetic foot ulcers; and researchers at Boston Children's Hospital, to assess the medical utility of Excellagen as a delivery scaffold to seed autologous mesenchymal fetal stem cells for ex-vivo engineering of tissue grafts for transplantation into infants to potentially repair prenatally diagnosed birth defects.
On the financial side, Cardium reports second-quarter revenues at $585,000, compared to $13,000 for the same period in 2012.
Research and development costs totaled $0.5 million compared to $0.04 million for the comparable prior year period, while selling, general, and administrative expenses were $1.9 million compared to $1.5 million in the second quarter of last year.
Cardium reported a quarterly net loss of $2.1 million, or a loss of $0.37 per share, as compared to a net loss of $1.9 million, or a loss of $0.31 per share, for the prior year period.
For more information, visit CardiumThx.com
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