SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of

the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 1620, 2009

CardioVascular BioTherapeutics, Inc.

(Exact name of registrant as specified in its charter)

Delaware	000-51172	33-0795984
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

1635 Village Center Circle, Suite 250
Las Vegas, Nevada	89134
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s telephone number, including area code: 702-839-7200

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

~~Item~~ITEM 12.~~02 Termination~~04 TRIGGERING ofEVENT aTHAT ~~Material~~ACCELERATES ~~Definitive~~A ~~Agreement~~DIRECT FINANCIAL OBLIGATION

~~CardioVascular BioTherapeutics, Inc. (the~~As ~~“Company”)~~previously ~~and~~noted ~~Phage~~on ~~Biotechnology~~Form ~~Corporation~~8-K ~~(“Phage”)~~filed ~~entered~~with ~~into~~the aSecurities ~~Joint Patent~~and ~~Agreement~~Exchange Commission (~~the~~ “~~Agreement~~SEC”) ason of February 28 27, ~~2007~~2009, (the ~~“Effective Date”)~~Company ~~(incorporated~~decided bynot ~~reference~~to asissue ~~Exhibit 10.~~1,581,164 ~~hereto). As~~shares of common stock upon conversion of the ~~Effective~~ ~~Date~~Note ~~the~~by ~~Joint~~Leonardo ~~Patent~~pursuant ~~Agreement~~to ~~superseded~~Leonardo’s January ~~the~~20, ~~Joint~~2009 ~~Patent~~conversion ~~Ownership and~~notice ~~License~~because ~~Agreement~~the ~~dated~~Company asbelieves ofLeonardo’s trading ~~August 16,~~practices ~~2004,~~with ~~which~~Company ~~was~~common ~~later~~stock ~~amended and~~previously ~~restated~~received asthrough conversions of ~~May 23,~~the ~~2006~~Note (have resulted in the ~~“Joint~~continual ~~Ownership~~decline ~~Agreement”)~~of the Company’s ~~(incorporated~~stock byprice ~~reference~~in asthe ~~Exhibit~~market ~~10.2~~which ~~hereto).~~decline ~~The~~is ~~Company~~without ~~and~~relation ~~Phage entered~~to ~~into~~the aoverall ~~new~~poor market ~~agreement~~conditions ~~superseding~~prevalent over the ~~Joint~~last ~~Ownership~~few ~~Agreement~~months. The toCompany was ~~specify~~unable ~~those~~to ~~future~~work ~~patents~~out ~~and~~a ~~patent~~mutually ~~applications~~satisfactory ~~that~~trading ~~are~~plan towith beLeonardo ~~subject~~and, tothus, ~~joint~~in ~~ownership~~order ~~and so as~~ to ~~restate~~protect the ~~licenses~~value ~~granted~~of inits ~~the~~stock ~~Joint~~for ~~Ownership Agreement~~all toof ~~further~~its ~~clarify~~shareholders, the Company ~~parties~~declined to honor Leonard’s ~~respective~~conversion ~~rights~~notice ~~and~~after ~~provide~~which ~~for~~Leonardo ~~continued~~issued ~~access~~a toredemption ~~the~~notice ~~necessary~~dated ~~rights~~February in23, ~~the~~2009 ~~event~~as ofmore fully explained in ~~insolvency~~that Form 8-K.

~~Phage, the~~As ~~Company’s manufacturer~~ of ~~drug products, had an involuntary petition under~~ ~~the~~5:00pm ~~United~~EST ~~States~~on ~~Bankruptcy~~March ~~Code for Chapter 7 filed against it October 2~~20, ~~2008 by~~2009 a ~~group~~principle balance of ~~petitioning~~$1,404,800 ~~creditors~~plus ininterest through ~~the~~this USdate ~~Bankruptcy~~remains ~~Court~~outstanding ~~for~~with ~~the~~Leonardo, ~~Southern District~~L.P. ~~of California~~ (~~the~~ “~~Court~~Leonardo”). ~~Phage filed~~ on ~~October 27, 2008 to convert~~its ~~the~~Senior ~~Chapter~~Secured 7Note ~~petition~~(“Note”) toissued ~~reorganization~~by ~~under Chapter 11. The Court approved~~ the ~~conversion~~Company ~~to Chapter 11~~ on ~~October~~March 2820, ~~2008~~ 2006. InThis anwill ~~effort~~not ~~to reorganize~~be ~~under Chapter 11~~paid, ~~Phage~~which ~~notified~~constitutes ~~the~~a ~~Company~~default on ~~February 20, 2009 that it intended to reject~~ the ~~Joint Patent Agreement and filed a motion with~~ ~~the Court to approve the rejection, the deadline of which to oppose was March 16, 2009~~Note.

~~After~~It is ~~careful~~expected ~~evaluation, on March 16, 2009~~ the ~~Company~~matter ~~elected to exercise its rights pursuant to Section 365(n)~~ of the ~~Bankruptcy~~outstanding ~~Code~~balance ~~and~~will ~~Section~~be 7resolved ~~of the Joint~~through ~~Patent~~negotiation, ~~Agreement~~litigation toor ~~continue~~some ~~its~~other ~~rights~~dispute asresolution means. Daniel aC. ~~licensee~~Montano, ~~pursuant to~~ the ~~licensing provision~~Chief ofExecutive ~~Section~~Officer 11 of the ~~Joint Patent Agreement. The Joint~~Company, ~~Patent~~has ~~Agreement~~personally ~~therefore~~guaranteed ~~terminated on March 16, 2009 and though~~ the ~~Company no~~Note. If ~~longer~~he ~~shares~~is ~~joint~~required ~~ownership~~to ofhonor ~~the patents~~such guaranty, the Company ~~can~~would ~~continue practicing~~become ~~the~~liable ~~use~~to ofindemnify ~~the~~Mr. ~~patents~~Montano ~~with~~for the amount ~~licensing~~he ~~rights~~is itrequired ~~elected~~to pay to ~~retain~~ Leonardo.

The Company is assessing alternatives for the manufacture of drug product for the Company and technical support for the Company.

ITEM 9.01 Financial Statements and Exhibits

(d)

Exhibits

	10.1	~~Joint~~Form ~~Patent~~of ~~Agreement~~Note ~~entered~~(incorporated ~~into~~ by ~~CardioVascular~~reference ~~BioTherapeutics,~~to ~~Inc~~Exhibit 10.,7 ~~and~~on ~~Phage~~the ~~Biotechnology~~Form ~~Corporation~~8-K ~~dated~~filed aswith ofthe ~~February~~Securities 28and Exchange Commission March 22, ~~2007~~2006) and other related documents (incorporated by reference to ~~Exhibit~~Exhibits 10.1 to 10.6, 10.8 to 10.10 and 99.1 on the Form 8-K filed with the Securities and Exchange Commission March 2922, ~~2007~~2006).
	10.2	Joint Patent Ownership and License Agreement dated as of August 16, 2004, as amended and restated as of May 23, 2006 (incorporated by reference to Exhibit 10.2 on the Form 8-K filed with the Securities and Exchange Commission May 26, 2006).
	99.1	Redemption Letter from Leonardo, L.P. dated February 23, 2009 (incorporated by reference to Exhibit 99.1 on the Form 8-K filed with the Securities and Exchange Commission February 27, 2009).
	10.3	Letter from CardioVascular BioTherapeutics, Inc. to Phage Biotechnology Corporation dated March 16, 2009 electing under Section 365(n) of the Bankruptcy Code and Section 7 of the Joint Patent Agreement to continue its rights as a licensee pursuant to the licensing provision of Section 11 of the Joint Patent Agreement.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CARDIOVASCULAR BIOTHERAPEUTICS, INC.

Date: March 20, 2009	By:	/s/ Mickael A. Flaa
		Mickael A. Flaa
		Chief Financial Officer

EXHIBIT INDEX

Exhibit
Number	Description
10.1	~~Joint~~Form ~~Patent~~of ~~Agreement~~Note ~~entered~~(incorporated ~~into~~ by ~~CardioVascular~~reference ~~BioTherapeutics,~~to ~~Inc~~Exhibit 10.,7 ~~and~~on ~~Phage~~the ~~Biotechnology~~Form ~~Corporation~~8-K ~~dated~~filed aswith ofthe ~~February~~Securities 28and Exchange Commission March 22, ~~2007~~2006) and other related documents (incorporated by reference to ~~Exhibit~~Exhibits 10.1 to 10.6, 10.8 to 10.10 and 99.1 on the Form 8-K filed with the Securities and Exchange Commission March 2922, ~~2007~~2006).
10.2	Joint Patent Ownership and License Agreement dated as of August 16, 2004, as amended and restated as of May 23, 2006 (incorporated by reference to Exhibit 10.2 on the Form 8-K filed with the Securities and Exchange Commission May 26, 2006).
99.1	Redemption Letter from Leonardo, L.P. dated February 23, 2009 (incorporated by reference to Exhibit 99.1 on the Form 8-K filed with the Securities and Exchange Commission February 27, 2009).
10.3	Letter from CardioVascular BioTherapeutics, Inc. to Phage Biotechnology Corporation dated March 16, 2009 electing under Section 365(n) of the Bankruptcy Code and Section 7 of the Joint Patent Agreement to continue its rights as a licensee pursuant to the licensing provision of Section 11 of the Joint Patent Agreement.

Filing Compare · CardioVascular BioTherapeutics, Inc.