Cardiome Reports Third Quarter Results



    NASDAQ:   CRME
    TSX: COM

    VANCOUVER, Nov. 13 /CNW/ - Cardiome Pharma Corp. (NASDAQ:   CRME / TSX:
COM) today reported financial results for the third quarter ended September
30, 2007. 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 September 30, 2007, the
exchange rate was CAD$1.00=US$1.0052.

    
    Corporate Development

    The following significant event occurred since our last quarterly report:

    -   In August 2007, we announced that the FDA requested that Astellas and
        Cardiome participate in a panel review to be conducted by the
        Cardiovascular and Renal Drugs Advisory Committee on
        December 11-12, 2007. In preparation for the panel, and at the
        request of the FDA, Astellas agreed to file additional information
        including final safety and efficacy data from the ACT 2 clinical
        trial, which was ongoing at the time of the original NDA submission.
        As a result of this amendment to the NDA, the FDA indicated that the
        action date under the Prescription Drug User Fee Act (PDUFA) will be
        extended by three months to January 19, 2008.
    

    Results of Operations

    Net loss for the third quarter of 2007 (Q3-2007) was $31.6 million, or
$0.50 per share, compared to a net loss of $12.0 million, or $0.23 per share
for the same period in 2006 (Q3-2006). The increase in net loss for the third
quarter was largely due to increased research and development expenditures
related to the vernakalant (oral) clinical activities and increased foreign
exchange losses.
    Total revenue decreased to $1.0 million in Q3-2007 from $2.4 million in
Q3-2006. The decrease in revenue was attributable to decreased research
collaborative fees from our partner Astellas.
    Research and development costs for Q3-2007 were $15.0 million, compared
to $10.9 million for Q3-2006. The increase of $4.1 million in research and
development expenditures was primarily due to an increase in costs incurred
for our vernakalant (oral) program. General and administration expenses were
$4.2 million, an increase of $0.3 million from $3.9 million in Q3-2006.
Stock-based compensation, a non-cash item included in operating expenses, was
$1.6 million for the quarter, as compared to $2.5 million for the same period
in 2006.

    Liquidity and Outstanding Share Capital

    As of September 30, 2007, we had cash, cash equivalents and short-term
investments of $84.6 million.
    As of November 5, 2007, we had 63,722,540 common shares issued and
outstanding and 5,010,099 common shares issuable upon the exercise of
outstanding stock options at a weighted-average exercise price of $8.39 per
share.

    Conference Call Notification

    Cardiome will hold a conference call and webcast on Tuesday, November 13,
2007 at 4:30pm Eastern Time (1:30pm Pacific Time). Please dial 416-340-8010 or
866-540-8136 to access the call. 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.

    About Cardiome Pharma Corp.

    Cardiome Pharma Corp. is a product-focused cardiovascular drug
development company with two late-stage clinical drug programs focused on
atrial arrhythmia (intravenous and oral dosing), a Phase 1 program for
GED-aPC, an engineered analog of recombinant human activated Protein C, 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. Cardiome's co-development partner Astellas Pharma US, Inc. submitted a
New Drug Application for vernakalant (iv) in December 2006. Positive top-line
results from an additional Phase 3 study evaluating patients with
post-operative atrial arrhythmia, called ACT 2, were released in June 2007. An
open-label safety study evaluating recent-onset AF patients, called ACT 4, has
completed.
    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. A Phase 2b study for vernakalant (oral) is ongoing.
    In April 2007 Cardiome acquired exclusive worldwide rights for GED-aPC
for all indications. Cardiome intends to initially develop GED-aPC in
cardiogenic shock, a life-threatening form of acute circulatory failure due to
cardiac dysfunction, which is a leading cause of death for patients
hospitalized following a heart attack.
    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.


    
                    CONDENSED CONSOLIDATED BALANCE SHEETS

    -------------------------------------------------------------------------
    Expressed in thousands of Canadian dollars.   September 30,  December 31,
    Prepared in accordance with Canadian GAAP.        2007           2006
                                                   (unaudited)
    -------------------------------------------------------------------------
    Cash and cash equivalents                          $84,430       $23,400
    Short-term investments                                 147        32,172
    Accounts receivable                                  2,160         3,628
    Prepaid expenses and other assets                    3,813           869
    -------------------------------------------------------------------------
    Total current assets                                90,550        60,069
    Property and equipment                               4,759         4,427
    Intangible assets                                   24,362         3,203
    Deferred financing costs                               170           892
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Total assets                                      $119,841       $68,591
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Current liabilities                                $12,136       $14,618
    Long-term portion of deferred
     leasehold inducement                                  989         1,120
    Shareholders' equity                               106,716        52,853
    -------------------------------------------------------------------------
    Total liabilities and
     shareholders' equity                             $119,841       $68,591
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------



               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    -------------------------------------------------------------------------
    Expressed in thousands    For the Three Months      For the Nine Months
     of Canadian dollars.            Ended                    Ended
    Prepared in accordance   Sept. 30,    Sept. 30,    Sept. 30,    Sept. 30,
     with Canadian GAAP.       2007         2006         2007         2006
    -------------------------------------------------------------------------
    Revenue
    Licensing fees               $449         $449       $1,347       $1,945
    Research
     collaborative fees           512        1,952        2,422        5,642
    -------------------------------------------------------------------------
                                  961        2,401        3,769        7,587
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Expenses
    Research and
     development               15,029       10,865       36,630       31,109
    General and
     administration             4,197        3,891       13,644        9,990
    Amortization                1,024          458        2,319        1,218
    -------------------------------------------------------------------------
                               20,250       15,214       52,593       42,317
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Operating loss            (19,289)     (12,813)     (48,824)     (34,730)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Other income
     (expenses)
    Interest and
     other income               1,132          689        3,836        2,138
    Foreign exchange
     (loss) gain              (13,397)         108      (15,188)      (2,428)
    -------------------------------------------------------------------------
                              (12,265)         797      (11,352)        (290)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Loss before
     income taxes             (31,554)     (12,016)     (60,176)     (35,020)
    Future income
     tax recovery                   -           42            -          182
    -------------------------------------------------------------------------
    Net Loss for
     the period               (31,554)     (11,974)     (60,176)     (34,838)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Basic and diluted
     loss per common
     share(1)                  $(0.50)      $(0.23)      $(0.96)      $(0.66)
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Weighted average
     number of
     outstanding
     common shares         63,642,301   53,180,499   62,605,816   52,706,757
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    (1) Basic and diluted net loss per common share based on the weighted
        average no. of common shares outstanding during the period.
    





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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