Cardium Announces Receipt of $1.1 Million in Funds from Philips' Acquisition of Innercool Therapies

Cardium Therapeutics CXM today reported that it had received funds corresponding to the final $1.1 million payment from Royal Philips Electronics in connection with Philips' acquisition of Innercool Therapies from Cardium. The release of funds from restricted cash represents the receipt of all amounts escrowed in connection with the Innercool acquisition by Philips, less an adjustment of approximately $50,000 to correct for working capital revisions and costs in connection with the closing of the $11.25 million transaction.