Cardiome Reports Fourth Quarter Results.Business/Health Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--March 4, 2002 Cardiome Pharma Corp. (COM-TSE) reported today financial results for the quarter and fiscal year ended November 30, 2001. Amounts, unless specified otherwise, are all in Canadian dollars. For the quarter ended November 30, 2001, the Company recorded a net loss of $1,439,932 ($0.03 per common share) compared to a net loss of $2,200,792 ($0.06 per common share) for the same quarter in the preceding fiscal year. For the fiscal year ended November 30, 2001 ("fiscal 2001"), the Company accumulated a net loss of $7,157,885 compared to a net loss of $6,495,636 for year ended November 30, 2000 ("fiscal 2000"). Research and development expenditures increased to $5,498,838 for fiscal 2001, compared to $4,732,656 for fiscal 2000. The increase in research and development expenditure was primarily due to the cost associated with increased operational activities as the Company progressed in its RSD RSD Reflex sympathetic dystrophy, see there 1235 project and Kv1.5 project, and enhanced its research and development capabilities. During fiscal 2001, the Company initiated and completed a Phase I clinical trial Noun 1. phase I clinical trial - a clinical trial on a few persons to determine the safety of a new drug or invasive medical device; for drugs, dosage or toxicity limits should be obtained phase I , and at year-end was ready to initiate a Phase II clinical trial Noun 1. phase II clinical trial - a clinical trial on more persons than in phase I; intended to evaluate the efficacy of a treatment for the condition it is intended to treat; possible side effects are monitored phase II for its drug candidate, RSD1235. The Company's activities during fiscal 2001 were financed primarily by its working capital carried forward from the preceding fiscal year. During fiscal 2001, the Company received $1.1 million gross proceeds from a private placement financing. At November 30, 2001, the Company had working capital of $3,523,091 as compared to $9,519,044 at November 30, 2000. The Company had available cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. , comprised of cash, cash equivalents and short-term investments, of $4,183,580 at November 30, 2001 as compared to $10,219,140 at November 30, 2000. 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. Upon closing of the Paralex transaction, the Company will have four drug programs in the cardiac area. The Paralex program is focused on congestive heart failure congestive heart failure, inability of the heart to expel sufficient blood to keep pace with the metabolic demands of the body. In the healthy individual the heart can tolerate large increases of workload for a considerable length of time. and is ready for Phase II development. RSD1235, intended for the acute treatment of atrial fibrillation atrial fibrillation Irregular rhythm (arrhythmia) of contraction of the atria (upper heart chambers). The most common major arrhythmia, it may result as a consequence of increased fibrous tissue in the aging heart, of heart disease, or in association with severe infection. , is currently being tested by the Company in a Phase II clinical trial. RSD1122, intended for chronic treatment of atrial atrial /atri·al/ (a´tre-al) pertaining to an atrium. a·tri·al adj. Of or relating to an atrium. Atrial Having to do with the upper chambers of the heart. and ventricular arrhythmia ventricular arrhythmia An abnormal, usually rapid, heart rhythm that arises in a ventricle; VAs are often life threatening and 2º to myocardial infarction Examples V tach, V fib , is in pre-clinical development Pre-clinical development is a stage in the development of a new drug that begins before clinical trials (testing in humans) can begin, and during which important safety and pharmacology data is collected. with AstraZeneca, one of the world's largest pharmaceutical companies. The Company's Kv1.5 antiarrhythmic antiarrhythmic /an·ti·ar·rhyth·mic/ (-ah-rith´mik) 1. preventing or alleviating cardiac arrhythmias. 2. an agent that so acts. an·ti·ar·rhyth·mic adj. program, focused on the chronic treatment of atrial fibrillation, is also in the pre-clinical phase at Cardiome. The Company's facilities are on the grounds of the University of British Columbia Locations Vancouver The Vancouver campus is located at Point Grey, a twenty-minute drive from downtown Vancouver. It is near several beaches and has views of the North Shore mountains. The 7. in Vancouver. Cardiome is traded on the Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. (COM (1) (Computer Output Microfilm) Creating microfilm or microfiche from the computer. A COM machine receives print-image output from the computer either online or via tape or disk and creates a film image of each page. ) and the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). OTCBB OTCBB See OTC Bulletin Board (OTCBB). market (COMTF COMTF California Oak Mortality Task Force .OB).
Selected Financial Highlights (Canadian dollars) (1),(2)
As at
November 30, November 30,
Balance Sheets 2001 2000
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Cash and cash equivalents $1,381,750 $3,247,479
Short-term investments 2,801,830 6,971,661
Accounts receivable and other 247,211 390,912
--------------------------------
Total current assets 4,430,791 10,610,052
Capital assets 302,583 452,970
Other assets 1,536,249 2,009,018
--------------------------------
Total assets $6,269,623 $13,072,040
================================
Current liabilities $907,700 $999,702
Long-term capital lease
obligations and debt - 91,306
Deferred revenue 1,348,374 1,499,598
Shareholders' equity 4,013,549 10,481,434
--------------------------------
Total liabilities and
shareholders' equity $6,269,623 $13,072,040
=================================
For the Three Months Ended
Statements of Loss and Deficit Nov 30, 2001 Nov 30, 2000
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Revenue
Research collaborative, licensing
and option fees $37,806 $12,601
Grant income - 33,803
Interest and other income 47,727 147,754
-----------------------------
85,533 194,158
=============================
Expenses
Research and development 872,632 1,455,077
General and administration 498,453 483,315
Amortization 154,380 456,558
-----------------------------
1,525,465 2,394,950
=============================
Net Loss $(1,439,932) $(2,200,792)
Deficit, beginning of period (28,956,178) (20,609,433)
Adjustment for future income taxes - -
-----------------------------
Deficit, end of period $(30,396,110) $(22,810,225)
=============================
Net Loss per common share(3) $(0.03) $(0.06)
=============================
For the Year Ended
Statements of Loss and Deficit Nov 30, 2001 Nov 30,2000
-----------------------------------------------------------------
Revenue
Research collaborative, licensing
and option fees $197,028 $92,095
Grant income 88,137 135,363
Interest and other income 347,078 495,894
------------------------------
632,243 723,352
==============================
Expenses
Research and development 5,498,838 4,732,656
General and administration 1,741,193 1,569,044
Amortization 550,097 917,288
------------------------------
7,790,128 7,218,988
==============================
Net Loss $(7,157,885) $(6,495,636)
Deficit, beginning of period (22,810,225) (16,314,589)
Adjustment for future income taxes (428,000) -
------------------------------
Deficit, end of period $(30,396,110) $(22,810,225)
==============================
Net Loss per common share(3) $(0.17) $(0.17)
==============================
(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 year ended November
30, 2001.
(3) Net loss per common share is based on the weighted average number
of common shares outstanding during the period.
Forward-Looking Statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Disclaimer Statements contained in this news release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results, events and expectation are forward-looking statements within the meaning of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 |
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