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CardioPharma Closes Financing Transaction

CardioPharma Closes Financing Transaction to Fund CardiaPill® Development and Registration

December 23rd, 2011 – CardioPharma, Inc., is pleased to announce that it has closed a financing transaction with Abacus Private Equity which will provide the Company with the funds required to finalize the development of its lead product, CardiaPill, and its registration with the US FDA and other jurisdictions around the world. CardiaPill is a patent protected post-Phase III cardiovascular drug currently being developed globally by CardioPharma.

“We are pleased to invest in the development of CardiaPill,” stated Jean-Marc Bougie, chief executive officer of Abacus Private Equity. “We look forward to contributing to CardioPharma’s mission to optimize clinical benefits for patients with cardiovascular disease.”

CardiaPill, intended for patients with cardiovascular disease, combines three FDA-approved cardiovascular drugs and is being designed to optimize the observed synergistic clinical benefits when all three drugs are taken simultaneously. Comprised of a “statin” or cholesterol lowering agent, an ACE or antihypertensive agent, and ASA an antiplatelet drug, CardiaPill is targeting a $20+ billion dollar established market with a dosage form that helps promote improved patient compliance and cost-savings.

Forward Looking Statement

The information in this press release contains forward-looking statements including the prospective development, commercialization and regulatory approval in the U.S. and international markets. Words such as “expects,” “plans,” “believe,” “may,” “will,” “anticipated,” “intended” and variations of these words or similar expressions are intended to identify forward-looking statements. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors including the Company’s ability to raise sufficient funds to complete its PK and PD studies.

SOURCE: CardioPharma

About CardioPharma

CardioPharma (www.cardio-pharma.com), Inc. is a specialty pharmaceutical company focused on cardiovascular fixed dose combination products. CardioPharma’s goal is to create unique, patent protected, global cardiovascular products that reduce the morbidity and mortality of the world’s number one killer – cardiovascular disease – in a cost-effective manner for all concerned. CardioPharma’s products are designed to provide superior clinical outcomes with economic benefits to patients, physicians, pharmacists and payors.