A Medical Device Daily

Cardium Therapeutics (San Diego) said it has completed the previously disclosed asset sale of its InnerCool Therapies (San Diego) business to Royal Philips Electronics (Best, the Netherlands) for $11.25 million, as well as the transfer of roughly $1.5 million in trade payables (Medical Device Daily, July 17, 2009).

Cardium's initial investment portfolio includes InnerCool Therapies, the Tissue Repair Company, and Cardium Biologics, medical technology companies primarily focused on the development of therapeutic products and devices for cardiovascular, ischemic and related indications.

In other dealmaking activity, JAG Media Holdings (Boca Raton, Florida) reported a further update of the status of its acquisition of CardioGenics (Mississauga, Ontario). The closing date for the acquisition, currently scheduled for a date on or before July 24, has been rescheduled to a date on or before July 31, 2009 to allow the parties sufficient time to attend to the final closing matters.

The closing of the deal remains subject to: CardioGenics closing on private placements of not less than $1,500,000; the completion of the pro forma financial statements for the transaction based on CardioGenics' and JAG Media's relevant financial statements; the CardioGenics shareholders and debenture holders making certain deliveries, prior to the closing, as set forth in the share purchase agreement; and the satisfaction of various customary conditions to closing.

JAG Media is a provider of Internet-based equities research and financial information that offers its subscribers a variety of stock market research, news and analysis.

CardioGenics develops technology and products targeting the immunoassay segment of the in-vitro diagnostic testing market.