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In the communication from NYSE Amex, Cardium was informed that based upon a review of publicly available information including Cardium's press release dated July 24, 2009 regarding completion of the sale of Cardium's InnerCool business to Royal Philips Electronics, the company has resolved the continued listing deficiencies referenced in the NYSE Amex LLC's ("NYSE Amex") letters dated December 23, 2008 and April 9, 2009. However, pursuant to Section 1009(f) of the NYSE Amex Company Guide, the company's Plan Period will remain open until it has been able to demonstrate compliance with the continued listing standards for two consecutive quarters. If the company does not demonstrate compliance for two consecutive quarters and/or by the end of the Plan Period, June 23, 2010, the Exchange Staff may initiate delisting procedures. The exchange indicated that its conclusion is based upon a review of available information with respect to the company, including its Securities and Exchange Commission filings and that its letter is subject to changes in the NYSE Amex Rules that could require the exchange to re-evaluate its position and other qualifications.

"We are very pleased that the NYSE Amex has recognized the substantial improvement to Cardium's balance sheet and operational savings associated with our InnerCool transaction with Royal Philips Electronics," stated Christopher J. Reinhard, Chairman and Chief Executive Officer of Cardium. Mr. Reinhard added that "We also now look forward to building on this progress with increased focus on our Tissue Repair product candidate Excellarate and on additional product candidates that we believe hold the potential for treating a range of different soft tissue injuries as well as hard tissue applications such as bone repair, which we expect to be the subject of additional reports in the weeks and months ahead."

About Cardium

Cardium is focused on the acquisition and strategic development of new and innovative bio-medical product opportunities and businesses that have the potential to address significant unmet medical needs and definable pathways to commercialization, partnering and other economic monetizations.