Cardima Announces Completion of $5 Million Private Placement

5/8/2008
Cardima, Inc. announced that it has completed a private placement of 8,474,992 shares of common stock at US$0.60 per share to accredited investors. The total gross proceeds were $5,085,000. In addition, the Company issued to the investors warrants to purchase 1,271,247 shares of common stock at an exercise price of US$0.65 per share.

Tony Shum, Chairman of Cardima, said, "This transaction strengthens our balance sheet and allows the excellent team of professionals at Cardima to continue to advance our commercialization and regulatory strategies worldwide. This also demonstrates continued confidence in our products and strategy by the accredited investors who have participated in previous rounds of financing in 2007."

About Cardima

Cardima, Inc. has developed the PATHFINDER and REVELATION Series of diagnostic catheters, the INTELLITEMP Energy Management Device, and the Surgical Ablation System (SAS). All of these devices are CE marked and received U.S. FDA 510(k) clearance. The REVELATION Series of ablation catheters with the INTELLITEMP EP Energy Management Device was developed and marketed for the treatment of atrial fibrillation (AF) after receiving CE mark approval in Europe; it is not currently available in the U.S.

Source: Cardima Inc.

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