|The expectation was that the next phase of clinical development for oral vernakalant would start this summer. Today, CRME says Merck is not on track for that:|
>>VANCOUVER, Aug. 11 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ: CRME/TSX: COM) today reported financial results for the second quarter ended June 30, 2010, and updated guidance regarding the vernakalant (oral) development program. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP).
We recorded net income of $4.6 million ($0.08 per common share) for the three months ended June 30, 2010 (Q2-2010), compared to a net loss of $0.7 million ($0.01 per common share) for the three months ended June 30, 2009 (Q2-2009). The net income for the current quarter was largely due to revenue recognized from the payments from Merck in 2009 pursuant to our collaboration and licence agreement and decreased research and development expenditures.
Total revenue for Q2-2010 was $12.4 million, an increase of $5.1 million from $7.3 million in Q2-2009.
Research and development expenditures were $3.7 million for Q2-2010 compared to $5.4 million for Q2-2009. General and administration expenditures for Q2-2010 were $3.3 million compared to $4.2 million for Q2-2009. Interest expense for Q2-2010 was $0.6 million compared to insignificant income for Q2-2009. Foreign exchange loss for Q2-2010 was $0.2 million compared to a foreign exchange gain of $1.8 million in Q2-2009.
Stock-based compensation, a non-cash item included in operating expenses, increased to $1.1 million for Q2-2010, as compared to $0.3 million for Q2-2009.
Liquidity and Outstanding Share Capital
At June 30, 2010, the Company had cash and cash equivalents of $57.7 million. As of August 9, 2010, the Company had 60,963,904 common shares issued and outstanding and 5,800,368 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD $7.65 per share.
Vernakalant (oral) Development Program Update
Cardiome also announced that, based on recent discussions with our development partner Merck, the next phase of the clinical program for vernakalant (oral) is not expected to commence in the summer of 2010 as previously guided. Merck continues to work toward optimizing the clinical development plan for vernakalant (oral), and Cardiome will provide updated guidance when Merck has finalized their planning.<<
A tough day all around, but especially tough for CRME.