Cardiome Reports Third Quarter Results.Business Editors VANCOUVER, Canada--(BUSINESS WIRE)--Oct. 29, 2002 Cardiome Pharma Corp. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :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. .TO)(OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :COMRF) reported today financial results for the third quarter ended August 31, 2002. Amounts, unless specified otherwise, are all in Canadian dollars Noun 1. Canadian dollar - the basic unit of money in Canada; "the Canadian dollar has the image of loon on one side of the coin" loonie dollar - the basic monetary unit in many countries; equal to 100 cents . For the quarter ended August 31, 2002, Cardiome Pharma Corp. (the "Company") recorded a net loss of $3,096,792 ($0.11 per common share), as compared to a net loss of $1,703,319 ($0.17 per common share) for the same period in the preceding fiscal year ("fiscal 2001"). On a year-to-date basis, the Company posted a net loss of $8,921,122 ($0.41 per common share) for the nine months ended August 31, 2002, as compared to a net loss of $5,217,953 ($0.51 per common share) for the same period in fiscal 2001. The net loss for the third quarter of 2002 is in line with management's expectation. Revenue for the third quarter ended August 31, 2002 increased to $1,486,893, compared to $113,860 for the same quarter in fiscal 2001. The Company generated $1,811,637 of cumulative total revenue for the nine-month period ended August 31, 2002, compared to $546,710 for the same period in 2001. The increase in revenue over the comparable period was mainly attributable to the recognition of the remaining deferred revenue associated with the license agreement with AstraZeneca A.B. related to RSD RSD Reflex sympathetic dystrophy, see there 1122, which was terminated during the quarter. Research and development expenditures increased to $2,826,281 in the third quarter of 2002, compared to $1,284,814 in the same quarter of fiscal 2001. The Company accumulated a total research and development expenditure of $6,583,883 for the nine-month period ended August 31, 2002, compared to $4,126,206 for the same period in fiscal 2001. The primary reason for the increase in expenditures was attributed to the completion of Phase II clinical trials 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 RSD1235 in the current quarter. The costs associated with the preparation of Phase II clinical trials for oxypurinol in the treatment of 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. , as well as the expenses incurred to support the ongoing oxypurinol program in the treatment of allopurinol allopurinol /al·lo·pur·i·nol/ (al?o-pur´i-nol) an isomer of hypoxanthine, capable of inhibiting xanthine oxidase and thus of reducing serum and urinary levels of uric acid; used in prophylaxis and treatment of hyperuricemia and uric acid intolerant in·tol·er·ant adj. Not tolerant, especially: a. Unwilling to tolerate differences in opinions, practices, or beliefs, especially religious beliefs. b. hyperuricemia hyperuricemia /hy·per·uri·ce·mia/ (-u?ri-se´me-ah) uricemia; an excess of uric acid in the blood.hyperurice´mic hy·per·u·ri·ce·mi·a n. An unusually high concentration of uric acid in the blood. (gout gout, condition that manifests itself as recurrent attacks of acute arthritis, which may become chronic and deforming. It results from deposits of uric acid crystals in connective tissue or joints. ), also contributed to the overall increase in expenditures. General and administration expenses for the current quarter increased to $854,344, as compared to $407,584 in the same quarter of fiscal 2001. The Company accumulated a total general and administration expenditure of $2,395,760 for the nine-month period ended August 31, 2002, compared to $1,242,740 for the same period in fiscal 2001. The overall increase was mainly the impact of the acquisition and increased business development activities and corporate communication. Amortization for the third quarter increased to $903,060, compared to $124,781 in the same quarter of fiscal 2001. The Company recorded $1,853,116 of amortization for the nine-month period ended August 31, 2002, compared to $395,717 for the same period in fiscal 2001. The increase was mainly due to the capital assets capital assets n. equipment, property, and funds owned by a business. (See: capital, capital account) and technology acquired in recent periods. 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 $20,816,487 at August 31, 2002, as compared to $4,183,580 at November 30, 2001. About Cardiome Pharma Corp Cardiome Pharma Corp. is a product-focused cardiovascular drug development company. Cardiome has three drug programs focused on arrhythmias and congestive heart failure (CHF CHF In currencies, this is the abbreviation for the Swiss Franc. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. ), as well as a program applying its congestive heart failure drug to symptomatic hyperuricemia (gout). Cardiome's lead 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. product, RSD1235, is an acute-use, intravenous administration treatment for 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. . Data from the recently completed Phase II study have demonstrated that RSD1235 rapidly and effectively terminates atrial fibrillation. Kv1.5, focused on the chronic treatment of atrial fibrillation, 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. . Cardiome's lead product in the CHF area is oxypurinol, a novel therapy in treating the disease. A Phase II study is planned for the second half of 2002. Cardiome also plans to develop oxypurinol as a treatment of gout for patients who are intolerant to allopurinol, the first-line therapy for gout. 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). Further information about Cardiome can be found at www.cardiome.com.
Selected Financial Highlights (Canadian dollars) (1),(2)
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As at
Balance Sheets August 31, 2002 November 30, 2001
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Cash and cash equivalents $635,204 $1,381,750
Short-term investments 20,181,283 2,801,830
Accounts receivable and other 531,881 247,211
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Total current assets 21,348,368 4,430,791
Capital assets 400,577 302,583
Other assets 30,204,959 1,536,249
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Total assets $51,953,904 $6,269,623
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Current liabilities $1,242,275 $907,700
Obligations under capital leases 42,719 -
Deferred revenue - 1,348,374
Shareholders' equity 50,668,910 4,013,549
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Total liabilities and
shareholders' equity $51,953,904 $6,269,623
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For the Three Months For the Nine Months
Ended Ended
Statements of Loss
and Deficit Aug 31, 2002 Aug 31, 2001 Aug 31, 2002 Aug 31, 2001
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Revenue
Research
collaborative $1,314,627 $37,806 $1,390,237 $159,222
Grant income 10,000 6,693 36,000 88,136
Interest and
other income 162,266 69,361 385,400 299,352
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1,486,893 113,860 1,811,637 546,710
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Expenses
Research and
Development 2,826,281 1,284,814 6,583,883 4,126,206
General and
Administrative 854,344 407,584 2,395,760 1,242,740
Amortization 903,060 124,781 1,853,116 395,717
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4,583,685 1,817,179 10,832,759 5,764,663
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Loss before
income taxes $(3,096,792) $(1,703,319) $(9,021,122) $(5,217,953)
Future income
tax recovery - - 100,000 -
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Net Loss for
the period $(3,096,792) $(1,703,319) $(8,921,122) $(5,217,953)
Deficit, beginning
of period (36,220,440) (26,752,859) (30,396,110) (23,238,225)
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Deficit, end
of period $(39,317,232) $(28,456,178) $(39,317,232) $(28,456,178)
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Net Loss per
Common Share(2) $(0.11) $(0.17) $(0.41) $(0.51)
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-- (1) Condensed from the Company's unaudited financial
statements.
-- (2) 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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