Cardiome Announces Filing Of Shelf Registration Statement



    
    NASDAQ:   CRME   TSX: COM
    

    VANCOUVER, Oct. 23 /CNW/ - Cardiome Pharma Corp. (NASDAQ:   CRME/TSX: COM)
today announced that it has filed a preliminary short form base shelf
prospectus with securities regulatory authorities in Canada and a
corresponding shelf registration statement with the United States Securities
and Exchange Commission on Form F-10.
    On July 25, 2008, Cardiome completed a private placement of Series A
preferred shares. In connection with the private placement, Cardiome granted
certain registration rights to the purchaser of the Series A preferred shares
pursuant to a registration rights agreement, which require Cardiome to use its
reasonable best efforts to file a Canadian prospectus and related U.S.
registration statement covering resales, from time to time, of the common
shares issuable upon conversion of the Series A preferred shares. The shelf
prospectus filed today is intended to satisfy Cardiome's filing obligations
under the registration rights agreement, and to replace the company's previous
shelf prospectus, originally filed in October 2006, which was due to expire in
November 2008.
    The timing of today's filing is tied to Cardiome's obligation in the
registration rights agreement to file the shelf prospectus by October 23, 2008
(90 days after the issuance of the Series A preferred shares) and is unrelated
to the type of transaction Cardiome hopes to deliver to shareholders, or the
status of the ongoing strategic process. Following the filing of the final
base shelf prospectus and the effectiveness of the registration statement,
Cardiome intends to file a prospectus supplement to cover resales, from time
to time, of the common shares issuable upon conversion of the Series A
preferred shares and thereby fulfill its obligations under the registration
rights agreement. Cardiome has no intention of raising additional capital at
this time.
    The shelf registration statement filed today with the SEC has not yet
become effective. No securities may be sold, nor may offers to buy be
accepted, prior to the time the registration statement becomes effective. This
press release shall not constitute an offer to sell or a solicitation of an
offer to buy, nor shall there be any sale of these securities in any
jurisdiction in which an offer, solicitation or sale would be unlawful prior
to registration or qualifications under the securities laws of any such
jurisdiction.
    A copy of the shelf registration statement, including the related
prospectus, may be obtained from Curtis Sikorsky, Chief Financial Officer, at
Cardiome's address at 6190 Agronomy Road, 6th Floor, Vancouver, British
Columbia, Canada, V6T 1Z3.

    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 National Market (CRME) and the Toronto Stock Exchange (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.





For further information:

For further information: Peter K. Hofman, Senior Director, Investor
Relations, (604) 676-6993 or Toll Free: 1-800-330-9928, Email:
phofman@cardiome.com


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