Cardium to Get Transdel Assets

Xconomy San Diego — 

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.