Cardium Announces Follow-On Direct Investment by Institutional Investor

SAN DIEGO, June 30 /PRNewswire-FirstCall/ -- Cardium Therapeutics
(Amex: CXM) announced that it has completed a registered direct offering
with an institutional investor that participated in its prior financing for
the purchase of shares of its common stock and warrants to purchase
additional shares of common stock. The transaction resulted in gross
proceeds to Cardium of approximately $3.25 million, before placement agent
fees and offering expenses and excluding any future proceeds from the
exercise of the warrants issued in the offering. Empire Asset Management
Company acted as financial advisor and the sole placement agent for the
transaction.

(Logo: http://www.newscom.com/cgi-bin/prnh/20051018/CARDIUMLOGO)

The securities were offered pursuant to an effective shelf registration
statement filed by Cardium with the U.S. Securities and Exchange
Commission. This press release does not constitute an offer to sell or the
solicitation of an offer to buy, and these securities may not be sold in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws
of any such jurisdiction.

About Cardium

Cardium Therapeutics, Inc. and its subsidiaries, InnerCool Therapies,
Inc. and the Tissue Repair Company, are medical technology companies
primarily focused on the development, manufacture and sale of innovative
therapeutic products and devices for cardiovascular, ischemic and related
indications. Cardium's lead product candidate, Generx(TM) (alferminogene
tadenovec, Ad5FGF4), is a DNA-based growth factor therapeutic being
developed for potential use by interventional cardiologists as a one-time
treatment to promote and stimulate the growth of collateral circulation in
the hearts of patients with ischemic conditions such as recurrent angina.
For more information about Cardium and its businesses, products and
therapeutic candidates, please visit http://www.cardiumthx.com or view its
2007 Annual Report at
http://www.cardiumthx.com/flash/pdf/CardiumAR07_Book_FINAL.pdf.

Cardium's InnerCool Therapies subsidiary is a San Diego-based medical
technology company in the emerging field of patient temperature modulation
therapy 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. For more information about Cardium's
InnerCool subsidiary and patient temperature modulation, including
InnerCool's Celsius Control System(TM) and the CoolBlue(TM) System, please
visit http://www.innercool.com.

Cardium's Tissue Repair Company subsidiary (TRC) is a San Diego-based
biopharmaceutical company focused on the development of growth factor
therapeutics for the treatment of severe chronic diabetic wounds. TRC's
lead product candidate, Excellarate(TM), is a DNA-activated collagen gel
for topical treatment formulated with an adenovector delivery carrier
encoding human platelet-derived growth factor-BB (PDGF-BB). Excellarate is
initially being developed to be administered once or twice for the
potential treatment of non-healing diabetic foot ulcers. Other potential
applications for TRC's Gene Activated Matrix(TM) (GAM(TM)) technology
include therapeutic angiogenesis (cardiovascular ischemia, peripheral
arterial disease) and orthopedic products, including hard tissue (bone) and
soft tissue (ligament, tendon, cartilage) repair. For more information
about Cardium's Tissue Repair Company subsidiary, please visit
http://www.t-r-co.com.

Forward-Looking Statements

Except for statements of historical fact, the matters discussed in this
press release are forward looking and reflect numerous assumptions and
involve a variety of risks and uncertainties, many of which are beyond our
control and may cause actual results to differ materially from stated
expectations. For example, there can be no assurance that human clinical
trials can be conducted and completed in an efficient and successful
manner, that product modifications or launches will be successful or that
the resulting products will be favorably received in the marketplace, that
results or trends observed in one clinical study will be reproduced in
subsequent studies, that our products or proposed products will prove to be
sufficiently safe and effective, that necessary regulatory approvals will
be obtained, that our products or product candidates will not be
unfavorably compared to competitive products that may be regarded as safer,
more effective, easier to use or less expensive, that having a shelf
registration statement in place will allow the Company to take advantage of
favorable market conditions or that the Company will be effectively able to
sell additional common stock on favorable terms. Actual results may also
differ substantially from those described in or contemplated by this press
release due to risks and uncertainties that exist in our operations and
business environment, including, without limitation, risks and
uncertainties that are inherent in the development of complex biologics and
therapeutic hypothermia devices and in the conduct of human clinical
trials, including the timing, costs and outcomes of such trials, our
ability to obtain necessary funding, regulatory approvals and expected
qualifications, our dependence upon proprietary technology, our history of
operating losses and accumulated deficits, our reliance on collaborative
relationships and critical personnel, and current and future competition,
as well as other risks described from time to time in filings we make with
the Securities and Exchange Commission. We undertake no obligation to
release publicly the results of any revisions to these forward-looking
statements to reflect events or circumstances arising after the date
hereof.

Copyright 2008 Cardium Therapeutics, Inc. All rights reserved.

For Terms of Use Privacy Policy, please visit
http://www.cardiumthx.com.

Cardium Therapeutics(TM) and Generx(TM) are trademarks of Cardium
Therapeutics, Inc.

Tissue Repair(TM), Gene Activated Matrix(TM), GAM(TM) and
Excellarate(TM) are trademarks of the Tissue Repair Company.

InnerCool Therapies(R), InnerCool(R), Celsius Control System(TM),
Accutrol(TM), CoolBlue(TM) and RapidBlue(TM) are trademarks of InnerCool
Therapies, Inc.

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[Via Healthcare]