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Cardiome Pharma Says CEO Janzen Left the Company

From Associated Press (July 3, 2012)

NEW YORK -- Canadian drug maker Cardiome Pharma Corp. said Tuesday that CEO Doug Janzen has left the company.

The company said board member William Hunter will be its interim CEO, and it thanked Janzen for his contributions since joining the company in January 2003 as chief financial officer. He was appointed CEO in August 2009.

Cardiome did not immediately respond to a request for comment.

Hunter is a founder and former CEO of Angiotech Pharmaceuticals Inc. The company said he will review its activities with the goal of cutting spending and will help define Cardiome’s strategic direction and find a permanent CEO. Hunter and board chairman Bob Rieder are to report on that effort by means of a press release by mid-August, the company said.

Cardiome helped develop the heart drug Brinavess, which is not approved by authorities in Latin America and the European Union to treat atrial fibrillation, a type of heartbeat irregularity. An intravenous version is on the market, and Cardiome was studying an oral version of the drug with Merck & Co. until Merck announced in March that it was stopping because of regulatory issues.

Cardiome shares have fallen 73.6 percent since Merck’s announcement. They were unchanged at 51 cents Tuesday. They’ve traded between 37 cents and $5.84 over the past 52 weeks.


Posted: July 2012