NASDAQ: CRME TSX: COM VANCOUVER, May 11 /PRNewswire-FirstCall/ --
Cardiome Pharma Corp. (NASDAQ: CRMENASDAQ:/NASDAQ:TSX:NASDAQ:COM)
today reported financial results for the first quarter ended March
31, 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
March 31, 2007, the exchange rate was CAD$1.00=US$0.8661. Corporate
Development The following significant events have occurred since
our last annual report: - In March 2007, we announced the
retirement of Cardiome's Chairman Dr. Mark C. Rogers from the
company's Board of Directors. We subsequently announced the
appointment of Chief Executive Officer and Board member Bob Rieder
to the position of Chairman. It is the intention of the Board of
Directors to appoint a Lead Independent Director in due course. -
In April 2007, we announced an exclusive in-licensing agreement
with Eli Lilly and Company for GED-aPC, a clinical-stage drug
candidate, whereby Cardiome has been granted exclusive worldwide
rights to 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 intends to meet with the FDA regarding plans
to initiate the GED-aPC clinical program in the second half of
2007. Results of Operations Net loss for the first quarter of 2007
(Q1-2007) was $14.0 million, or $0.23 per share, compared to a net
loss of $8.1 million, or $0.15 per share for the same period in
2006 (Q1-2006). The increase in net loss for the current quarter
was largely due to lower licensing and research collaborative fees,
higher costs associated with expanded clinical development
activities, and increased general and administration costs to
support those activities. This was offset by an increase in other
income as a result of a higher average investment balance. Total
revenue decreased to $1.7 million in Q1-2007 from $3.1 million in
Q1-2006. The decrease in revenue was attributable to decreased
licensing fees and research collaborative fees from our partner
Astellas as clinical programs related to vernakalant (iv) near
completion. Research and development costs for Q1-2007 were $11.8
million, compared to $9.0 million for Q1-2006. The increase of $2.8
million in research and development expenditures was primarily due
to the expanded clinical development activities related to the
Phase 2 clinical program for vernakalant (oral), partially offset
by a decrease in costs incurred for our vernakalant (iv) program.
General and administration expenses were $4.6 million, an increase
of $1.7 million from $2.9 million in Q1-2006. The increase was
primarily due to increased wages and benefits, consulting and
professional fees including increased costs of corporate
governance, and expanded business development and operational
activities. Stock-based compensation, a non-cash item included in
operating expenses, was $1.5 million for the quarter, as compared
to $1.8 million for the same period in 2006. Liquidity and
Outstanding Share Capital As of March 31, 2007, the Company had
cash, cash equivalents and short-term investments of $144.2
million. As of May 9, 2007, the Company had 63,366,617 common
shares issued and outstanding and 4,945,051 common shares issuable
upon the exercise of outstanding stock options at a
weighted-average exercise price of $8.03 per share. Conference Call
Notification Cardiome will hold a conference call and webcast on
Friday, May 11, 2007 at 10:00am EDT (7:00am 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 presentation. The webcast can be
accessed through Cardiome's website at http://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. An additional
Phase 3 study evaluating patients with post-operative atrial
arrhythmia, called ACT 2, and an open-label safety study evaluating
recent-onset AF patients, called ACT 4, are ongoing. Cardiome's
co-development partner Astellas Pharma US, Inc. submitted a New
Drug Application for vernakalant (iv) in December 2006. 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 http://www.sec.gov/ and the Canadian
securities regulatory authorities at http://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
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Expressed in thousands of March 31, December 31, Canadian dollars.
Prepared in 2007 2006 accordance with Canadian GAAP. (unaudited)
(audited)
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Cash and cash equivalents $26,962 $23,400 Short-term investments
117,254 32,172 Amounts receivable 3,071 3,628 Prepaid expenses
1,301 869
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Total current assets 148,588 60,069 Property and equipment 5,006
4,427 Intangible assets 3,101 3,203 Deferred financing costs - 892
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Total assets $156,695 $68,591
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Current liabilities $11,058 $14,618 Long-term portion of deferred
leasehold inducement 1,077 1,120 Shareholders' equity 144,560
52,853
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Total liabilities and shareholders' equity $156,695 $68,591
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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Expressed in thousands of For the Three Months Ended Canadian
dollars (except share March 31, March 31, and per share amounts).
Prepared 2007 2006 in accordance with Canadian GAAP. (unaudited)
(unaudited)
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Revenue Licensing fees $449 $1,048 Research collaborative fees
1,261 2,004
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1,710 3,052
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Expenses Research and development 11,830 9,049 General and
administration 4,616 2,860 Amortization 471 364
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16,917 11,273
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Operating loss (15,207) (9,221)
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Other income 1,171 1,022
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Loss before income taxes (14,036) (8,199) Future income tax
recovery - 82
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Net loss for the period (14,0366) (8,117)
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Basic and diluted loss per common share(1) $(0.23) $(0.15)
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Weighted average number of outstanding common shares 60,779,476
52,568,323
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(1) Basic and diluted loss per common share based on the weighted
average no. of common shares outstanding during the period.
CONTACT: Peter K. Hofman, Senior Director, Investor Relations,
(604) 676-6993 or Toll Free: 1-800-330-9928, Email: DATASOURCE:
Cardiome Pharma Corp. CONTACT: Peter K. Hofman, Senior Director,
Investor Relations, (604) 676-6993 or Toll Free: 1-800-330-9928,
Email:
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