Cardiome Reports First Quarter Results
15 Mai 2009 - 10:05PM
PR Newswire (US)
NASDAQ: CRME TSX: COM VANCOUVER, May 15 /PRNewswire-FirstCall/ --
Cardiome Pharma Corp. (NASDAQ: CRME/TSX:NASDAQ:COM) today reported
financial results for the first quarter ended March 31, 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
March 31, 2009, the exchange rate was CAD$1.00=US$0.7928. Results
of Operations We recorded a net loss of $12.0 million ($0.19 per
common share) for the three months ended March 31, 2009
("Q1-2009"), compared to a net loss of $22.2 million ($0.35 per
common share) for the three months ended March 31, 2008
("Q1-2008"). 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.
Revenue for Q1-2009 was $0.2 million, a decrease of $0.2 million
from $0.4 million in Q1-2008. Research and development expenditures
were $7.7 million for Q1-2009 compared to $18.2 million for
Q1-2008. The decrease of $10.5 million in Q1-2009 was primarily due
to the completion of the Phase 2b trial for vernakalant (oral) in
fiscal 2008. General and administration (G&A) expenditures for
both Q1-2009 and Q1-2008 were $4.1 million. Amortization for
Q1-2009 was $0.8 million compared to $1.0 million for Q1-2008.
Interest and other income for Q1-2009 was $0.03 million compared to
$0.3 million in Q1-2008. Foreign exchange gains remained consistent
at $0.3 million in both Q1-2009 and Q1-2008. Stock-based
compensation, a non-cash item included in operating expenses,
decreased to $0.4 million for Q1-2009, as compared to $1.0 million
for Q1-2008. Liquidity and Outstanding Share Capital At March 31,
2009, the Company had cash and cash equivalents of $24.5 million.
As of May 15, 2009, the Company had 63,766,296 common shares issued
and outstanding, 2,272,727 Series A preferred shares, and 4,806,062
common shares issuable upon the exercise of outstanding stock
options at a weighted-average exercise price of $8.29 per share.
Agreement with Merck & Co., Inc. Subsequent to quarter end, 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 exclusive rights outside
of the United States, Canada and Mexico to vernakalant (iv).
Effectiveness of the collaboration agreement is subject to the
expiration or earlier termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act. Under terms of the
agreement, on effectiveness of the agreement Merck will pay
Cardiome an initial upfront fee of US$60 million. Further terms of
the agreement are outlined in our press release dated April 8,
2009. Conference Call Notification In consideration of a Canadian
statutory and market holiday on Monday, May 18, 2009, Cardiome will
hold its quarterly teleconference and webcast on Tuesday, May 19,
2009 at 9:00am Eastern (6:00am Pacific). To access the conference
call, please dial 416-340-2217 or 866-696-5910 and reference
passcode 7124357. 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
http://www.cardiome.com/. Webcast and telephone replays of the
conference call will be available approximately two hours after the
completion of the call through June 19, 2009. Please dial
416-695-5800 or 800-408-3053 and enter passcode 7312852 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 http://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 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. 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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