Cardiome Reports First Quarter Earnings.

Business Editors & Health/Medical Writers

BIOWIRE2K

VANCOUVER, British Columbia--(BW HealthWire)--May 3, 2002

Cardiome Pharma Corp(TSE:COM.) (OTC Bulletin Board:COMTF) Cardiome Pharma Corp. (the "Company" or "Cardiome") reported today financial results for the quarter ended February 28, 2002.

For the quarter ended February 28, 2002, the Company recorded a net loss of $1,761,831 ($0.17 per common share) compared to a net loss of $1,418,443 ($0.14 per common share) for the same quarter in the preceding fiscal year ("fiscal 2001"). Research and development expenditures increased to $1,234,860 for the quarter ended February 28, 2002 as compared to $1,187,258 in the same quarter in fiscal 2001. The increase was primarily due to the cost associated with increased operational activities as the Company initiated a Phase II clinical trial for its drug candidate, RSD1235, and made progress in its Kv1.5 program.

"In January, our study investigators in United States and Canada began enrolling patients with new onset atrial arrhythmia for the Phase II study of RSD1235. The study is progressing well and we are on track to present results in the second half of the year," said Bob Rieder, President and CEO of Cardiome.

The Company's activities during the quarter ended February 28, 2002 were financed primarily by its working capital carried forward from the preceding fiscal year and the net proceeds collected from a private placement closed in fiscal 2001. At February 28, 2002, the Company had working capital of $1,032,802 as compared to $3,523,091 at November 30, 2001. The Company had available cash reserves, comprised of cash, cash equivalents and short-term investments, of $2,042,940 at February 28, 2002 as compared to $4,183,580 at November 30, 2001. Subsequent to the quarter ended February 28, 2002, the Company successfully completed a public offering of 9,309,657 units of the Company at a price of $3.32 per unit for gross proceeds of $30,908,061.

Subsequent to the quarter ended February 28, 2002, the Company completed an acquisition of a new subsidiary, Paralex, Inc. ("Paralex"), providing the Company with certain intellectual property rights relating to the use of oxypurinol and other related compounds called xanthine oxidase inhibitors for treatment of congestive heart failure and other cardiovascular diseases. The Company issued 8,203,396 common shares in exchange for all of the outstanding shares of Paralex. In connection with and as part of the acquisition, effective March 8, 2002, Cardiome continued under the Canada Business Corporation Act and consolidated its shares on a four for one basis. All share capital and per share amounts included herein have been retroactively restated to reflect the share consolidation.

About Cardiome Pharma Corp

Cardiome Pharma Corp. is a product-focused cardiac drug discovery and development company. The Company's mission is to prevent and treat heart disease. The Company has four drug programs focused on arrhythmias and congestive heart failure. Cardiome is traded on the Toronto Stock Exchange (COM) and the NASD OTCBB market (COMRF).

Selected Financial Highlights (Canadian dollars) (1, 2,3)

                                                                 As at
Balance Sheets                           February 28      November 30
                                                2002             2001
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Cash and cash equivalents                 $1,610,899     $  1,381,750
Short-term investments                       432,041        2,801,830
Accounts receivable and other                273,507          247,211
---------------------------------------------------------------------
Total current assets                       2,316,447        4,430,791
Deferred financing cost                      270,852                -
Capital assets                               339,951          302,583
Other assets                               1,817,609        1,536,249
----------------------------------------------------------------------
Total assets                              $4,744,859     $  6,269,623
----------------------------------------------------------------------
Current liabilities                       $1,283,645     $    907,700
Deferred revenue                           1,310,569        1,348,374
Shareholders' equity                       2,150,645        4,013,549
----------------------------------------------------------------------
Total liabilities and shareholders'
 equity                                   $4,744,859     $  6,269,623
----------------------------------------------------------------------

                                           For the Three Months Ended
Statements of Loss and Deficit           February 28      February 28
                                                2002             2001
----------------------------------------------------------------------
Revenue
Research collaborative and licensing    $     37,805     $     68,254
Grant income                                  11,000           57,437
Interest and other income                     16,636          129,669
----------------------------------------------------------------------
                                              65,441          255,360
----------------------------------------------------------------------
Expenses
Research and development                   1,234,860        1,187,258
General and administration                   486,144          356,477
Amortization                                 106,268          130,068
----------------------------------------------------------------------
                                           1,827,272        1,673,803
----------------------------------------------------------------------
Net Loss                                $ (1,761,831)    $ (1,418,443)

Deficit, beginning of period             (30,396,110)     (22,810,225)
Adjustment for future income taxes                 -         (428,000)
----------------------------------------------------------------------
Deficit, end of period                  $(32,157,941)    $(24,656,668)
----------------------------------------------------------------------
Net Loss per common share(4)            $      (0.17)    $      (0.14)
----------------------------------------------------------------------

1 Condensed from the Company's unaudited financial statements.

2 Certain comparative figures have been reclassified to conform to

the financial presentation used in the current reporting period.

3 Net loss per common share is based on the weighted average

number of common shares outstanding during the period.

4 The above selected financial information give effect to the four

to one share consolidation but not the completion of the public

financing and the acquisition of Paralex,Inc. on March 8, 2002

Forward-Looking Statement Disclaimer

Statements contained in this news release relating to future results, events and expectation are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 20-F. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD

Robert Rieder, President & Chief Executive Officer