Cardiome Reports Second Quarter Results



    NASDAQ:   CRME
    TSX: COM

    VANCOUVER, Aug. 8 /CNW/ - Cardiome Pharma Corp. (NASDAQ:   CRME / TSX: COM)
today reported financial results for the second quarter ended June 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 June 30, 2007, the exchange rate was
CAD$1.00=US$0.9386.

    Corporate Development

    The following significant events have occurred since our last quarterly
report:

    
    -   In May 2007, we announced that Astellas Pharma Canada, Inc., an
        affiliate of our co-development partner, Astellas Pharma US, Inc.,
        filed a New Drug Submission (NDS) with the Therapeutic Products
        Directorate of Health Canada seeking Canadian approval to market the
        intravenous formulation of vernakalant (iv).

    -   In June 2007, we and our co-development partner Astellas announced
        positive results from our Phase 3 clinical study, called ACT 2. The
        trial evaluated the efficacy and safety of vernakalant (iv) for the
        treatment of patients who developed atrial fibrillation or atrial
        flutter between 24 hours and 7 days following coronary artery bypass
        graft (CABG) or valve replacement surgery.
    

    Results of Operations

    Net loss for the second quarter of 2007 (Q2-2007) was $14.6 million, or
$0.23 per share, compared to a net loss of $14.7 million, or $0.28 per share
for the same period in 2006 (Q2-2006).
    Total revenue decreased to $1.1 million in Q2-2007 from $2.1 million in
Q2-2006. The decrease in revenue was attributable to decreased research
collaborative fees from our partner Astellas as clinical programs related to
vernakalant (iv) near completion.
    Research and development costs for Q2-2007 were $9.8 million, compared to
$11.2 million for Q2-2006. The decrease of $1.4 million in research and
development expenditures was primarily due to a decrease in costs incurred for
our vernakalant (iv) programs and higher costs in Q2-2006 related to
manufacturing and other costs related to the Phase 2a pilot study for
vernakalant (oral). General and administration expenses were $4.8 million, an
increase of $1.6 million from $3.2 million in Q2-2006. The increase was
primarily due to increased wages and benefits with the addition of personnel
in support of expanded business development and operational activities.
Stock-based compensation, a non-cash item included in operating expenses, was
$2.1 million for the quarter, as compared to $1.7 million for the same period
in 2006.

    Liquidity and Outstanding Share Capital

    As of June 30, 2007, we had cash, cash equivalents and short-term
investments of $100.4 million.
    As of July 30, 2007, we had 63,518,492 common shares issued and
outstanding and 5,142,983 common shares issuable upon the exercise of
outstanding stock options at a weighted-average exercise price of $8.22 per
share.

    Conference Call Notification

    Cardiome will hold a conference call and webcast on Wednesday, August 8,
2007 at 4:30 pm EDT (1:30 pm PDT). Please dial 866-540-8136 or 416-340-8010 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.       June 30,   December 31,
    Prepared in accordance with Canadian GAAP.          2007         2006
                                                     (unaudited)   (audited)
    -------------------------------------------------------------------------

    Cash and cash equivalents                           $14,683      $23,400
    Short-term investments                               85,698       32,172
    Accounts receivable                                   4,153        3,628
    Prepaid expenses and other assets                     4,525          869
    -------------------------------------------------------------------------
    Total current assets                                109,059       60,069
    Property and equipment                                4,870        4,427
    Intangible assets                                    24,849        3,203
    Deferred financing costs                                  -          892
    -------------------------------------------------------------------------
    Total assets                                       $138,778      $68,591
    -------------------------------------------------------------------------

    Current liabilities                                 $10,483      $14,618
    Long-term portion of deferred leasehold
     inducement                                           1,033        1,120
    Shareholders' equity                                127,262       52,853
    -------------------------------------------------------------------------
    Total liabilities and shareholders' equity         $138,778      $68,591
    -------------------------------------------------------------------------



               CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

    -------------------------------------------------------------------------
    Expressed in thousands   For the Three Months       For the Six Months
    of Canadian dollars.            Ended                     Ended
    Prepared in accordance  June 30,     June 30,     June 30,     June 30,
    with Canadian GAAP.       2007         2006         2007         2006
    -------------------------------------------------------------------------

    Revenue
    Licensing fees               $449         $449         $898       $1,496
    Research collaborative
     fees                         649        1,685        1,910        3,690
    -------------------------------------------------------------------------
                                1,098        2,134        2,808        5,186
    -------------------------------------------------------------------------

    Expenses
    Research and development    9,771       11,195       21,601       20,244
    General and administration  4,831        3,240        9,447        6,100
    Amortization                  824          395        1,295          759
    -------------------------------------------------------------------------
                               15,426       14,830       32,343       27,103
    -------------------------------------------------------------------------
    Operating loss            (14,328)     (12,696)     (29,535)     (21,917)
    -------------------------------------------------------------------------

    Other income
    Interest and other income   1,297          679        2,704        1,449
    Foreign exchange loss      (1,555)      (2,788)      (1,791)      (2,536)
    -------------------------------------------------------------------------
                                 (258)      (2,109)         913       (1,087)
    -------------------------------------------------------------------------

    Loss before income taxes  (14,586)     (14,805)     (28,622)     (23,004)
    Future income tax
     recovery                       -           58            -          140
    -------------------------------------------------------------------------
    Net Loss for the period   (14,586)     (14,747)     (28,622)     (22,864)

    -------------------------------------------------------------------------
    Basic and diluted loss
     per common share(1)       $(0.23)      $(0.28)      $(0.46)      $(0.44)
    -------------------------------------------------------------------------
    Weighted average number
     of outstanding common
     shares                63,370,297   53,010,793   62,133,737   52,468,447
    -------------------------------------------------------------------------
    (1) Basic and diluted 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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