NASDAQ: CRME TSX: COM
VANCOUVER, May 16 /CNW/ - Cardiome Pharma Corp. (NASDAQ: CRME) (TSX:
COM) today reported financial results for the first quarter ended March
31, 2011. Amounts, unless specified otherwise, are expressed in U.S.
dollars and in accordance with generally accepted accounting principles
used in the United States of America (U.S. GAAP).
We recorded a net loss of $7.1 million ($0.12 per common share) for the
three months ended March 31, 2011 (Q1-2011), compared to net income of
$15.5 million ($0.26 per common share) for the three months ended March
31, 2010 (Q1-2010). The net income for Q1-2010 was largely due to
revenue recognized from the payments from Merck in 2009 pursuant to the
collaboration and license agreement. These amounts were fully
recognized in 2010.
Total revenue for Q1-2011 was $0.4 million, a decrease of $22.6 million
from $23.0 million in Q1-2010.
Research and development expenditures were $3.8 million for Q1-2011 and
Q1-2010. General and administration expenditures for Q1-2011 were $3.2
million as compared to $3.4 million for Q1-2010. Other expenses for
Q1-2011and Q1-2010 were $0.2 million.
Stock-based compensation, a non-cash item included in operating
expenses, decreased to $0.6 million for Q1-2011, as compared to $0.8
million for Q1-2010.
Liquidity and Outstanding Share Capital
At March 31, 2011, the Company had cash and cash equivalents of $69.8
million. As of May 16, 2011, the Company had 61,129,091 common shares
issued and outstanding and 5,047,176 common shares issuable upon the
exercise of outstanding stock options at a weighted-average exercise
price of CAD $7.34 per share.
Cardiome expects to hold a conference call and webcast in the near
future to discuss the Q1-2011 financial results and to provide an
update on corporate developments.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a product-focused drug development company
dedicated to the advancement and commercialization of novel treatments
for disorders of the heart and circulatory system. Cardiome is traded
on the NASDAQ Global Market (CRME) and the Toronto Stock Exchange
(COM). For more information, please visit our web site at www.cardiome.com.
Forward-Looking Statement Disclaimer
Certain statements in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 or forward-looking information under applicable
Canadian securities legislation that may not be based on historical
fact, including without limitation statements containing the words
"believe", "may", "plan", "will", "estimate", "continue", "anticipate",
"intend", "expect" and similar expressions. Such forward-looking
statements or information involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
events or developments, or industry results, to be materially different
from any future results, events or developments expressed or implied by
such forward-looking statements or information. Such factors include,
among others, our stage of development, lack of product revenues,
additional capital requirements, risk associated with the completion of
clinical trials and obtaining regulatory approval to market our
products, the ability to protect our intellectual property, dependence
on collaborative partners and the prospects for negotiating additional
corporate collaborations or licensing arrangements and their timing.
Specifically, certain risks and uncertainties that could cause such
actual events or results expressed or implied by such forward-looking
statements and information to differ materially from any future events
or results expressed or implied by such statements and information
include, but are not limited to, the risks and uncertainties that: we
may not be able to successfully develop and obtain regulatory approval
for vernakalant (iv) or vernakalant (oral) in the treatment of atrial
fibrillation or any other current or future products in our targeted
indications; our future operating results are uncertain and likely to
fluctuate; we may not be able to raise additional capital; we may not
be successful in establishing additional corporate collaborations or
licensing arrangements; we may not be able to establish marketing and
sales capabilities and the costs of launching our products may be
greater than anticipated; we rely on third parties for the continued
supply and manufacture of vernakalant (iv) and vernakalant (oral) and
we have no experience in commercial manufacturing; we may face unknown
risks related to intellectual property matters; we face increased
competition from pharmaceutical and biotechnology companies; and other
factors as described in detail in our filings with the Securities and
Exchange Commission available at www.sec.gov and the Canadian securities regulatory authorities at www.sedar.com. Given these risks and uncertainties, you are cautioned not to place
undue reliance on such forward-looking statements and information,
which are qualified in their entirety by this cautionary statement.
All forward-looking statements and information made herein are based on
our current expectations and we undertake no obligation to revise or
update such forward-looking statements and information to reflect
subsequent events or circumstances, except as required by law.
SOURCE Cardiome Pharma Corp.
For further information:
Cardiome Investor Relations
(604) 676-6993 or Toll Free: 1-800-330-9928