NASDAQ: CRME TSX: COM
VANCOUVER, Aug. 12 /CNW/ - Cardiome Pharma Corp. (NASDAQ: CRME/TSX: COM)
today reported financial results for the second quarter ended June 30, 2008.
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, 2008, the exchange rate was
Results of Operations
We recorded a net loss of $18.1 million ($0.28 per common share) for the
three months ended June 30, 2008 ("Q2-2008"), compared to a net loss of
$14.6 million ($0.23 per common share) for the three months ended June 30,
2007 ("Q2-2007"). The increase in net loss for the current quarter was largely
due to lower licensing and research collaborative fees, and increased research
and development expenditures related to vernakalant (oral), the European
comparator study for vernakalant (iv) and GED-aPC clinical activities.
Revenue for Q2-2008 was $0.2 million, a decrease of $0.9 million from
$1.1 million in Q2-2007.
Research and development expenditures were $12.8 million for Q2-2008,
compared to $9.8 million for Q2 2007. General and administration expenses
decreased to $4.4 million in Q2-2008 from $4.8 million in Q2-2007.
Amortization was $1.1 million for Q2-2008 compared to $0.8 million for
Q2-2007. Interest and other income was $0.1 million for Q2-2008 compared to
$1.3 million for Q2-2007. Foreign exchange loss was $0.1 million for Q2-2008
compared to a loss of $1.6 million in Q2-2007.
Stock-based compensation, a non-cash item included in operating expenses,
decreased to $1.0 million for Q2-2008, as compared to $2.1 million for
Liquidity and Outstanding Share Capital
At June 30, 2008, the Company had cash and cash equivalents of
$31.0 million. Subsequent to quarter-end, in July 2008 we announced that CR
Intrinsic Investments, LLC, an investment fund managed by CR Intrinsic
Investors, LLC, an affiliate of S.A.C. Capital Advisors, LLC purchased Series
A convertible preferred shares for gross proceeds of US$25 million. The
transaction closed on July 25, 2008.
As of August 12, 2008, the Company had 63,762,296 common shares issued
and outstanding, 2,272,727 Series A preferred shares, and 4,949,562 common
shares issuable upon the exercise of outstanding stock options at a
weighted-average exercise price of $8.38 per share.
Conference Call Notification
Cardiome will hold a teleconference and webcast on Tuesday, August 12,
2008 at 4:30pm Eastern (1:30pm Pacific). To access the conference call, please
dial 416-641-6117 or 866-299-6655. 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 12,
2008. Please dial 416-695-5800 or 800-408-3053 and enter code 3268411 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 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: