Cardium to raise funds through private placement of common stock

Cardium Therapeutics (NYSE Amex: CXM) today announced a common stock private placement to selected investors for aggregate gross proceeds of $4.5 million. The offering is made pursuant to a registration statement that was filed by Cardium Therapeutics with the Securities and Exchange Commission (the "SEC") and declared effective by the SEC on August 15, 2007. Details concerning the terms of the financing and the warrants can be found in the Company's Current Report on Form 8-K to be filed with the SEC at www.sec.gov.

The securities in the offering include an estimated 3,000,000 shares of Cardium common stock at a price of $1.50 and warrants to purchase up to 2,225,000 shares of Cardium common stock at an exercise price of $1.77. The warrants are exercisable six months after the date of issuance, and will expire five years from the date of issuance. Dawson James Securities acted as exclusive placement agent for the offering.