Last updated on April 18, 2014 at 15:01 EDT

Cardiome Reports First Quarter Results

May 13, 2013

Cardiome to conduct conference call and webcast today, May 13, at 4:15
p.m. Eastern (1:15 p.m. Pacific)


VANCOUVER, May 13, 2013 /PRNewswire/ – Cardiome Pharma Corp. (NASDAQ: CRME /
TSX: COM) today reported financial results for the first quarter ended
March 31, 2013.  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). All share
and per share amounts reflect the one-for-five share consolidation that
occurred on April 12, 2013.

Summary Results

We recorded a net income of $18.4 million ($1.47 per common share) for
the three months ended March 31, 2013 (Q1-2013), compared to a net loss
of $7.0 million ($0.57 per common share) for the three months ended
March 31, 2012 (Q1-2012). The net income for Q1-2013 was primarily due
to the recognition of a $20.8 million gain on the settlement of debt
owed to Merck. The net loss for Q1-2012 was due to restructuring
charges, clinical development efforts, pre-clinical research projects,
as well as other operating costs.

Total revenue for Q1-2013 was $0.1 million as compared to $0.4 million
in Q1-2012.

Research and development expenditures were $0.4 million for Q1-2013
compared to $2.9 million for Q1-2012. Selling, general and
administration expenditures for Q1-2013 were $2.2 million compared to
$2.6 million for Q1-2012. Effective Q1-2013, selling, general and
administration expenditures include costs incurred to support the
commercialization of BRINAVESS(TM). We did not incur any interest expense during Q1-2013 as a result of
the settlement of debt owed to Merck. Interest expense for Q1-2012 was
$1.1 million.

Stock-based compensation, a non-cash item included in operating
expenses, remained consistent at $0.1 million for Q1-2013 and Q1-2012.

Liquidity and Outstanding Share Capital

At March 31, 2013, the Company had cash and cash equivalents of $25.7
million.  As of May 6, 2013, the Company had 12,470,335 common shares
issued and outstanding and 1,321,242 common shares issuable upon the
exercise of outstanding stock options at a weighted-average exercise
price of CAD $10.27 per share.

Corporate Development

Cardiome announced that it had taken on responsibility for worldwide
sales, marketing, and promotion of BRINAVESS(TM) (vernakalant IV) pursuant
to a Transition Agreement signed with Merck, known as MSD outside the
United States and Canada. Under the agreement, worldwide sales and
marketing rights transferred to Cardiome immediately. The company
announced additions to its management team of Dr. Jürgen Polifka,
Ph.D., as General Manager, Sales and Marketing Europe and Steen
Juul-Möller, M.D., Ph.D./DMSc., FESC as Medical Director, Europe.
Cardiome also announced it had made the final payment to Merck of $13
million which has been accepted by Merck as full and final settlement
of all amounts owing under the line of credit stemming from the
companies’ collaboration and license agreement for vernakalant, signed
in April 2009.

Conference Call

Cardiome will hold a teleconference and webcast on Monday, May 13, 2013
at 4:15pm Eastern (1:15pm Pacific). To access the conference call,
please dial 416-764-8688 or 888-390-0546 and use conference ID
59949340. The webcast can be accessed through Cardiome’s website at www.cardiome.com.

Webcast and telephone replays of the conference call will be available
approximately two hours after the completion of the call through June
10, 2013. Please dial 416-764-8677 or 888-390-0541 and enter code
994934 to access the replay.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a biopharmaceutical company dedicated to the
discovery, development and commercialization of new therapies that will
improve the health of patients around the world. Cardiome has one
marketed product, BRINAVESS(TM) (vernakalant IV), approved in Europe and other territories for the
rapid conversion of recent onset atrial fibrillation to sinus rhythm in

Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto
Stock Exchange (COM). For more information, please visit our web site
at www.cardiome.com.

Forward-Looking Statement Disclaimer Certain statements in this news release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 or forward-looking information under applicable
Canadian securities legislation that may not be based on historical
fact, including without limitation statements containing the words
“believe”, “may”, “plan”, “will”, “estimate”, “continue”, “anticipate”,
“intend”, “expect” and similar expressions.  Forward- looking
statements may involve, but are not limited to, comments with respect
to our objectives and priorities for the remainder of 2013 and beyond,
our strategies or future actions, our targets, expectations for our
financial condition and the results of, or outlook for, our operations,
research and development and product and drug development. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
events or developments to be materially different from any future
results, events or developments expressed or implied by such
forward-looking statements. Many such known risks, uncertainties and
other factors are taken into account as part of our assumptions
underlying these forward-looking statements and include, among others,
the following: general economic and business conditions in the United
States, Canada, Europe, and the other regions in which we operate;
market demand; technological changes that could impact our existing
products or our ability to develop and commercialize future products;
competition; existing governmental legislation and regulations and
changes in, or the failure to comply with, governmental legislation and
regulations; availability of financial reimbursement coverage from
governmental and third-party payers for products and related
treatments; adverse results or unexpected delays in pre-clinical and
clinical product development processes; adverse findings related to the
safety and/or efficacy of our products or products; decisions, and the
timing of decisions, made by health regulatory agencies regarding
approval of our technology and products; the requirement for
substantial funding to expand commercialization activities; and any
other factors that may affect our performance. In addition, our
business is subject to certain operating risks that may cause any
results expressed or implied by the forward-looking statements in this
presentation to differ materially from our actual results. These
operating risks include: our ability to attract and retain qualified
personnel; our ability to successfully complete pre-clinical and
clinical development of our products; changes in our business strategy
or development plans; intellectual property matters, including the
unenforceability or loss of patent protection resulting from
third-party challenges to our patents; market acceptance of our
technology and products; our ability to successfully manufacture,
market and sell our products; the availability of capital to finance
our activities; and any other factors described in detail in our
filings with the Securities and Exchange Commission available at www.sec.gov and the Canadian securities regulatory authorities at www.sedar.com. Given these risks, uncertainties and factors, you are cautioned not to
place undue reliance on such forward-looking statements and
information, which are qualified in their entirety by this cautionary
statement. All forward-looking statements and information made herein
are based on our current expectations and we undertake no obligation to
revise or update such forward-looking statements and information to
reflect subsequent events or circumstances, except as required by law.

SOURCE Cardiome Pharma Corp.

Source: PR Newswire