Cardium Receives $11.25 Million in Philips' Acquisition of Innercool Therapies
August 23, 2011 — Cardium Therapeutics received the final $1.1 million payment from Royal Philips Electronics in connection with Philips' $11.25 million acquisition of Innercool Therapies from Cardium. The purchase gives Philips Healthcare a therapeutic hypothermia product line for use in heart attack, sudden cardiac arrest and neurotrauma patients.
The release of funds from restricted cash represents the receipt of all amounts escrowed in connection with the Innercool acquisition by Philips.
Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses They focus on opportunities with the potential to address significant unmet medical needs and definable pathways to commercialization, partnering and other economic monetizations.
Cardium's investment portfolio includes the Tissue Repair Company and Cardium Biologics, medical technology companies primarily focused on developing innovative therapeutic products for wound healing, bone repair, and cardiovascular indications.
In July 2009, Cardium completed the sale of its Innercool Therapies medical device business to Royal Philips Electronics, the first asset monetization from the company's biomedical investment portfolio.
For more information: www.cardiumthx.com