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VANCOUVER, March 11, 2014 /CNW/ - Cardiome Pharma Corp. (NASDAQ: CRME /
TSX: COM) ("Cardiome" or the "Company") and CarCor Investment Holdings LLC ("CarCor"), the shareholder from which Cardiome purchased Correvio LLC, are
pleased to announce the closing of their previously announced bought
deal prospectus offering of 1,500,000 common shares from treasury of
the Company for gross proceeds of C$15 million (the "Primary Offering") and 1,500,000 common shares in a secondary offering from CarCor for
gross proceeds of C$15 million (the "Secondary Offering"), both at C$10.00 per common share, for a combined offering of C$30
million (collectively, the "Offering").
The Offering was made on a bought deal basis pursuant to an underwriting
agreement with Canaccord Genuity Corp., acting as sole bookrunner and
co-lead underwriter, and Cormark Securities Inc., acting as co-lead
underwriter (together, the "Underwriters"). The Underwriters received a
cash commission of 6.0% of the gross proceeds raised through the
The Company and CarCor have granted the Underwriters an over-allotment
option to purchase, pro rata from each of Cardiome and CarCor, up to an
additional 15% of the Offering (representing an aggregate of up to
450,000 common shares) on the same terms and conditions, exercisable in
whole or in part at any time for a period of 30 days following closing
of the Offering.
Cardiome currently intends to use the net proceeds of the Primary
Offering for working capital and general corporate purposes, including
to fund expansion of our sales and marketing efforts for BRINAVESSTM and AGGRASTATTM in Europe and other parts of the world, for funding clinical
development and regulatory costs of vernakalant (IV) and vernakalant
(oral), and for advancement of Cardiome's business objectives.
Cardiome will not receive any proceeds from the Secondary Offering.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities of Cardiome in the
United States or to, or for the account or benefit of U.S. persons (as
defined in Regulation S under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act"). The common shares described in this press release have not been and
will not be registered under the U.S. Securities Act, or the securities
laws of any state and may not be offered, sold or delivered in the
United States or to, or for the account or benefit of U.S. persons,
absent an exemption from registration.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a specialty pharmaceutical company dedicated to
the development and commercialization of cardiovascular therapies that
will improve the quality of life and health of patients suffering from
heart disease. Cardiome has two marketed, in-hospital, cardiology
products, BRINAVESSTM (vernakalant IV), approved in Europe and other territories for the
rapid conversion of recent onset atrial fibrillation to sinus rhythm in
adults, and AGGRASTATTM (tirofiban HCl) a reversible GP IIb/IIIa inhibitor indicated for use
in Acute Coronary Syndrome patients.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto
Stock Exchange (COM).
Forward-Looking Statement Disclaimer
Certain statements in this news 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. Forward-looking statements
in this news release include statements regarding the intended use of
proceeds from the Primary Offering. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, events or developments to be materially
different from any future results, events or developments expressed or
implied by such forward-looking statements. Many such known risks,
uncertainties and other factors are taken into account as part of our
assumptions underlying these forward-looking statements and include,
among others, the following: general economic and business conditions
in the United States, Canada, Europe, and the other regions in which we
operate; not receiving the regulatory approvals, including the further
approvals that may be sought from securities regulatory authorities, on
the timelines required or at all, that the prevailing market price of
our securities may make sales under the prospectus supplement
unattractive to Cardiome as well as those factors discussed in or
referred to under the heading "Risk Factors" in Cardiome's Annual
Report on Form 20-F for the year ended December 31, 2012 which is
available under Cardiome's profile on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Given these risks, uncertainties and factors, 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