Cardiome Reports Second Quarter Results



    
    NASDAQ:   CRME    TSX: COM
    

    VANCOUVER, Aug. 11 /CNW/ - Cardiome Pharma Corp. (NASDAQ:   CRME / TSX:
COM) today reported financial results for the second quarter ended June 30,
2009. Amounts, unless specified otherwise, are expressed in Canadian dollars
and in accordance with Canadian Generally Accepted Accounting Principles
(Canadian GAAP). At close of business on June 30, 2009, the exchange rate was
CAD$1.00=US$0.8598.

    Results of Operations

    We recorded a net loss of $1.4 million ($0.02 per common share) for the
three months ended June 30, 2009 ("Q2-2009"), compared to a net loss of $18.1
million ($0.28 per common share) for the three months ended June 30, 2008
("Q2-2008"). The decrease in net loss for the current quarter was largely due
to decreased research and development expenditures related to vernakalant
(oral) and GED-aPC clinical activities, initial amortization of deferred
revenue related to the upfront payment of U.S. $60 million from Merck, which
was recorded as licensing fees, and foreign exchange gain on translation of
the U.S. denominated upfront payment from Merck.
    Revenue for Q2-2009 was $8.6 million, an increase of $8.4 million from
$0.2 million in Q2-2008. We recorded $7.9 million for Q2-2009 as amortization
of the deferred revenue related to the upfront payment from Merck. No
milestone payments were received or recognized in Q2-2008.
    Research and development expenditures were $6.3 million for Q2-2009
compared to $12.9 million for Q2-2008. The decrease of $6.6 million in Q2-2009
was primarily due to the completion of the Phase 2b trial for vernakalant
(oral) in fiscal 2008. General and administration expenditures for Q2-2009
were $5.0 million, compared to $4.4 million for Q2-2008. Amortization for
Q2-2009 was $0.8 million compared to $1.0 million for Q2-2008. Interest and
other income for Q2-2009 and Q2-2008 was $0.1 million. Foreign exchange gain
was $2.1 million in Q2-2009 compared to a foreign exchange loss of $0.1
million in Q2-2008.
    Stock-based compensation, a non-cash item included in operating expenses,
decreased to $0.4 million for Q2-2009, as compared to $1.0 million for
Q2-2008.

    Liquidity and Outstanding Share Capital

    At June 30, 2009, we had cash and cash equivalents of $82.0 million. As
of August 10, 2009, the Company had 63,859,246 common shares issued and
outstanding, 2,272,727 Series A preferred shares, and 4,700,112 common shares
issuable upon the exercise of outstanding stock options at a weighted-average
exercise price of $8.39 per share.

    Agreement with Merck & Co., Inc.

    In April 2009, we announced a collaboration and license agreement with
Merck & Co., Inc. for the development and commercialization of vernakalant.
The agreement provides Merck with exclusive global rights to vernakalant
(oral), and provides a Merck affiliate with exclusive rights outside of the
United States, Canada and Mexico to vernakalant (iv).
    The agreement became effective in May 2009, triggering an initial payment
to us of U.S. $60 million. Subsequent to quarter-end, in July 2009 we
announced that we earned a further U.S. $15 million milestone payment
triggered by the submission, by a Merck affiliate, of a Marketing
Authorisation Application (MAA) to the European Medicines Agency (EMEA)
seeking marketing approval for vernakalant (iv) in the European Union. Further
terms of the Merck agreement are outlined in our press release dated April 8,
2009.

    Conference Call Notification

    Cardiome will hold its quarterly teleconference and webcast at 9:00am
Eastern (6:00am Pacific) on Tuesday, August 11, 2009. To access the conference
call, please dial 416-340-2217 or 866-696-5910 and reference conference
2345242. There will be a separate dial-in line for analysts on which we will
respond to questions at the end of the call. The webcast can be accessed
through Cardiome's website at www.cardiome.com.
    Webcast and telephone replays of the conference call will be available
approximately two hours after the completion of the call through September 11,
2009. Please dial 416-695-5800 or 800-408-3053 and enter code 3147267 followed
by the number sign to access the replay.

    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). 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, together with our collaborative partners, 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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