Cardium to Get Transdel Assets

6/28/11Follow @bvbigelow

San Diego-based Cardium Therapeutics (NYSE Amex: CXM) said it would acquire substantially all of the business assets of San Diego’s Transdel Pharmaceuticals, including a pain treatment in late-stage clinical trials. Terms of the deal apparently were worked out before Transdel filed for bankruptcy reorganization yesterday. If approved by the federal bankruptcy court, Cardium would provide as much as $4 million in shares of its stock for the proposed asset purchase, which includes the topically administered analgesic Ketotransdel and royalty-bearing license agreements for products using Transdel technology.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788 Follow @bvbigelow

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