VANCOUVER, Nov. 13 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ:CRME / TSX: COM) today reported financial results for the third quarter endedSeptember 30, 2007. Amounts, unless specified otherwise, are expressed inCanadian dollars and in accordance with Canadian Generally Accepted AccountingPrinciples (Canadian GAAP). At close of business on September 30, 2007, theexchange rate was CAD$1.00=US$1.0052.
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 sharefor the same period in 2006 (Q3-2006). The increase in net loss for the thirdquarter was largely due to increased research and development expendituresrelated to the vernakalant (oral) clinical activities and increased foreignexchange losses.
Total revenue decreased to $1.0 million in Q3-2007 from $2.4 million inQ3-2006. The decrease in revenue was attributable to decreased researchcollaborative 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 anddevelopment expenditures was primarily due to an increase in costs incurredfor 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 periodin 2006.
Liquidity and Outstanding Share Capital
As of September 30, 2007, we had cash, cash equivalents and short-terminvestments of $84.6 million.
As of November 5, 2007, we had 63,722,540 common shares issued andoutstanding and 5,010,099 common shares issuable upon the exercise ofoutstanding stock options at a weighted-average exercise price of $8.39 pershare.
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 or866-540-8136 to access the call. There will be a separate dial-in line foranalysts on which we will respond to questions at the end of the call. Thewebcast can be accessed through Cardiome's website at www.cardiome.com.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a product-focused cardiovascular drug developmentcompany with two late-stage clinical drug programs focused on atrialarrhythmia (intravenous and oral dosing), a Phase 1 program for GED-aPC, anengineered analog of recombinant human activated Protein C, and a pre-clinicalprogram directed at improving cardiovascular function.
Vernakalant (iv) is the intravenous formulation of an investigational drugbeing evaluated for the acute conversion of atrial fibrillation (AF). Positivetop-line results from two pivotal Phase 3 trials for vernakalant (iv), calledACT 1 and ACT 3, were released in December 2004 and September 2005. Cardiome'sco-development partner Astellas Pharma US, Inc. submitted a New DrugApplication for vernakalant (iv) in December 2006. Positive top-line resultsfrom an additional Phase 3 study evaluating patients with post-operativeatrial arrhythmia, called ACT 2, were released in June 2007. An open-labelsafety study evaluating recent-onset AF patients, called ACT 4, has completed.
Vernakalant (oral) is being investigated as a chronic-use oral drug forthe maintenance of normal heart rhythm following termination of AF. Cardiomeannounced 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 forall indications. Cardiome intends to initially develop GED-aPC in cardiogenicshock, a life-threatening form of acute circula