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The Past, Present, and Future of Cardium Therapeutics, Inc. (CXM)
posted on 8/20/2012 5:31:38 PM | 143 reads | Post #138516
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In a July interview conducted by CEOCFO Magazine, Cardium Therapeutics’ co-founder, Executive Chairman, and CEO, Christopher J. Reinhard, had an opportunity to explain the many developments that have occurred with the company since its founding in 2006, as well as where the company is heading.
Cardium was formed specifically to re-acquire and commercialize the advanced clinical stage product candidate Generx, along with the growth factor technology platform originally developed and sold to Schering AG (Berlin) following the successful completion of the Generx Phase 2a clinical study. As Schering was advancing toward a merger with Bayer AG, Mr. Reinhard and colleagues engaged Schering in discussions to re-acquire the Generx product opportunity and formed Cardium as the financing vehicle to drive the transaction.
Generx is a gene therapy for use by interventional cardiologists that leverages the body’s natural healing potential to grow microvascular blood vessels in the hearts of patients suffering from coronary artery disease. Generx is designed as a one-time, non-surgical treatment that delivers a DNA-based biologic to the heart using an angiographic catheter. Mr. Reinhard sees Generx and Cardium as leading a revolution in regenerative biological medicine.
For Generx, Cardium is currently focusing on Russia and the international market. Russia has a cardiovascular death rate four-times that of the United States. Life expectancy for a Russian male is 64 years old, so Cardium considers it a very significant opportunity. Although the company already has a study approved in the U.S., it would involve patients who are refractory, end-stage patients, representing a relatively small population. There is a very large patient population outside the United States representing a greater opportunity, so Cardium plans to go internationally and come back to the U.S.
The broader strategy of the company is the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses with the potential to address significant unmet medical needs with definable pathways to commercialization. In addition to Generx, the company’s portfolio now includes Excellagen, a recently FDA-cleared and marketed professional use advanced wound care product for the treatment of diabetic foot ulcers and a broad array of other dermal wounds. It also includes MedPodium Nutra-Apps, a healthy lifestyle brand platform designed for today’s highly mobile and technology-driven millennial consumers. In addition, consistent with its long-term business strategy, Cardium continues to identify and evaluate businesses and product opportunities and technologies for potential acquisition on favorable economic terms.
Remarkable for a small cap company, Cardium has no outstanding debt, good trading liquidity, and access to capital through various mechanisms. They have at-the-market financing in place, a shelf registration statement, and are nationally listed. They use their equity to make acquisitions and then, through the sale of assets and equity, they are able to support their businesses. Today, they are turning a corner in the company as they now have commercial products.
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