NASDAQ: CRME TSX: COM
VANCOUVER, March 12 /CNW/ - Cardiome Pharma Corp. (NASDAQ: CRME/TSX: COM)
today announced the retirement of the Chairman of the Company's board of
directors, Dr. Mark C. Rogers, effective today. Dr. Rogers had served as Board
Chairman for approximately five years, since the merger of Cardiome with
Paralex, Inc. in March 2002. Dr. Rogers also has resigned as a member of the
The Company expects to name a successor at its upcoming board meeting in
late March. Vice-Chair and Chief Executive Officer Bob Rieder will co-ordinate
board-related activities in the interim.
"It has been a pleasure to participate in the process by which Cardiome
grew over the past five years from a $30 million market-cap development
company on the Toronto Stock Exchange to a nearly $800 million market-cap
pharmaceutical corporation now also listed on NASDAQ," stated Dr. Rogers.
"Nevertheless, the extent of my responsibilities in other companies which
could undergo expansion as well now take much more of my time. Given the
continuity of leadership with Bob Rieder, CEO and Vice-Chair at Cardiome, it
seemed best to no longer divide my time between multiple responsibilities.
Cardiome's growth is best served by a Chairman who can focus exclusively on
Cardiome and I wish the Company well in its future progress."
"Dr. Rogers has been Chair through a very rapid growth phase for Cardiome
and has devoted enormous time and energy helping us succeed during that
period," stated Mr. Rieder. "Given Dr. Rogers newest business interests, his
decision seems natural and well timed. Nevertheless, we will very much miss
his energy, experience and wisdom."
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a product-focused cardiovascular drug
development company with two clinical drug programs focused on atrial
arrhythmia (intravenous and oral dosing), and a pre-clinical program directed
at improving cardiovascular function.
Vernakalant (iv) is the intravenous formulation of an investigational
drug being evaluated for the acute conversion of atrial fibrillation (AF).
Positive top-line results from two pivotal Phase 3 trials for vernakalant
(iv), called ACT 1 and ACT 3, were released in December 2004 and September
2005. An additional Phase 3 study evaluating patients with post-operative
atrial arrhythmia, called ACT 2, and an open-label safety study evaluating
recent-onset AF patients, called ACT 4, are ongoing. Cardiome's co-development
partner Astellas Pharma US, Inc. submitted a New Drug Application for
vernakalant (iv) in December 2006.
Vernakalant (oral) is being investigated as a chronic-use oral drug for
the maintenance of normal heart rhythm following termination of AF. Cardiome
announced positive results from a Phase 2a pilot study for vernakalant (oral)
in September 2006.
Cardiome is traded on the Toronto Stock Exchange (COM) and the NASDAQ
National Market (CRME).
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: