Cardium Therapeutics today announced that it has completed the previously announced sale of 17,857,143 shares of its common stock in a registered direct offering for gross proceeds of approximately $5.0 million, before deducting placement agent’s fees and estimated offering expenses. The three institutional and accredited investors participating in the offering purchased the shares at a price of $0.28 per share with no warrant coverage.  The net proceeds from the offering will be used for general working capital purposes.

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Ladenburg Thalmann & Co. Inc., a subsidiary of Ladenburg Thalmann Financial Services Inc. (NYSE Amex: LTS), acted as the exclusive placement agent for the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The shares of common stock were offered and sold pursuant to a registration statement declared effective by the SEC on August 27, 2010, the prospectus forming a part of that registration statement, and a prospectus supplement filed with the SEC on February 13, 2012.  Copies of the prospectus supplement and accompanying base prospectus may be obtained at the SEC’s web site at http://www.sec.gov, or from Ladenburg Thalmann & Co. Inc., 4400 Biscayne Blvd., 14th Floor, Miami, Florida 33137.

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