Cardium to acquire Transdel's Ph III topical analgesic and cosmeceutical assets for up to $4 million

Cardium Therapeutics (NYSE Amex: CXM) has entered into an agreement with fellow USA-based Transdel Pharmaceuticals (OTC Bulletin Board: TDLP) to acquire substantially all of the latter's business assets including a Phase III product candidate Ketotransdel (ketoprofen; TDLP-110), which is a topically-administered analgesic for the treatment of musculoskeletal pain.

The business assets would be acquired in connection with a proposed asset purchase under Section 363 of Chapter 11 of the US Bankruptcy Code, and would also include royalty-bearing license agreements for certain cosmeceutical products marketed by third parties that employ Transdel delivery technology. The completion of the asset acquisition is subject to a number of conditions, including approval of the transaction by the bankruptcy court.

Under the terms of the proposed accord, Cardium would acquire substantially all of Transdel's business assets for the payment of up to $4 million in consideration in the form of unregistered shares of Cardium common stock priced at a minimum of $0.50 per share.