Cardiome Achieves $30 Million Milestone
NASDAQ: CRME TSX: COM
VANCOUVER, Sept. 2 /PRNewswire-FirstCall/ -- Cardiome Pharma
Corp. (NASDAQ:
CRME) (NASDAQ:/)
(NASDAQ:TSX:)
(NASDAQ:COM)
today announced that it has earned a US$30 million milestone
payment from its collaboration with Merck (known as MSD outside the
United States and Canada), through an affiliate. The milestone was
triggered by the recently announced marketing approval for
BRINAVESS(TM) (vernakalant (iv)) in the European Union, Iceland and
Norway.
"European approval and the milestone payment further strengthen
Cardiome's financial position, both in the near term and in the
long term via royalties from product sales," said Doug Janzen,
Chief Executive Officer and President of Cardiome. "The teams at
Merck and Cardiome have done an exemplary job in gaining European
regulatory approval for BRINAVESS, and Cardiome is now part of a
select group of biotechnology companies who have successfully
shepherded a molecule from discovery through to product
approval."
Merck Cardiome Agreement
In April 2009, Cardiome and Merck announced a collaboration and
license agreement for the development and commercialization of
vernakalant. The agreement provides Merck, Sharp and Dohme Corp.
(formerly known as Merck & Co., Inc.) with exclusive global
rights to vernakalant oral formulation for the maintenance of
normal heart rhythm in patients with atrial fibrillation (AF), and
provides another Merck affiliate, Merck Sharp & Dohme
(Switzerland) GmbH, with exclusive rights outside of the United
States, Canada and Mexico to vernakalant IV formulation for rapid
conversion of recent onset AF to sinus rhythm in adults.
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 Global 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 regarding product
revenues following Merck's expected launch of BRINAVESS and other
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. Risks, uncertainties and
factors 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, uncertainties and factors related to the
fact that: we, together with our collaborative partners, may not be
able to successfully develop all or any of our current or future
products and may not be able to obtain regulatory approval in
targeted indications for our current or future products in all
markets; we may not achieve or maintain profitability; our future
operating results are uncertain and likely to fluctuate; we may not
be able to raise additional capital as and when required; we depend
on our collaborative partners to perform their obligations under
licensing or other collaborative agreements; 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; any of our products that obtain
regulatory approval will be subject to extensive post-market
regulation that may effect sales, marketing and profitability; any
of our products that are successfully developed may not achieve
market acceptance; we rely on third parties for the continued
supply and manufacture of our products and have no experience in
commercial manufacturing; we may face unknown risks related to
intellectual property matters, including with respect to our
ability to protect our intellectual property; 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, uncertainties and factors, 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.
Source: Cardiome Pharma Corp.
CONTACT: Cardiome Investor Relations, (604) 676-6993 or Toll
Free:
1-800-330-9928, Email: ir@cardiome.com
Posted: September 2010
