Cardiome Reports Fourth Quarter and Full Year 2012 Financial Results
VANCOUVER, March 15, 2013
Cardiome to conduct conference call and webcast today, March 15, at 8:15 a.m.
Eastern (5:15 a.m. Pacific)
NASDAQ: CRME TSX: COM
VANCOUVER, March 15, 2013 /PRNewswire/ - Cardiome Pharma Corp. (NASDAQ: CRME /
TSX: COM) today reported financial results for the fourth quarter and year
ended December 31, 2012. Amounts, unless specified otherwise, are expressed
in U.S. dollars and in accordance with generally accepted accounting
principles used in the United States (U.S. GAAP).
Financial Results for 2012
The net loss for the year ended December 31, 2012 was $18.3 million ($0.30
loss per share), compared to a net loss of $27.9 million ($0.46 loss per
share) for the year ended December 31, 2011. The net loss for 2012 was largely
due to restructuring charges, expenditures spent on clinical development
efforts and pre-clinical research projects, as well as other operating costs.
The loss in 2012 was partially offset by the recognition of an $11.2 million
gain on the settlement of debt due to Merck. The net loss for 2011 was largely
due to expenditures incurred on clinical development efforts, pre-clinical
research projects and other normal operating costs.
Total revenue for 2012 was $0.8 million, a decrease of $0.7 million from $1.5
million in 2011.
Research and development (R&D) expenditures were $6.0 million for 2012, as
compared to $15.2 million for 2011. R&D expenditures consist of clinical
development expenditures and research expenditures. Clinical development
expenditures for 2012 were $0.9 million, as compared to $6.5 million for 2011.
The decrease of $5.6 million in expenditures was primarily due to reduced
costs for vernakalant (IV) as a result of the termination of the ACT 5
clinical trial. Research expenditures for 2012 were $5.2 million, as compared
to $8.7 million for 2011. The decrease of $3.5 million in expenditures was
primarily due to the restructuring initiatives which eliminated our internal
General and administration (G&A) expenditures for 2012 were $9.6 million
compared to $11.5 million for 2011. The decline was primarily due to a
decrease in wages and benefits as a result of our workforce reductions in
2012. Amortization was $1.2 million for 2012, as compared to $1.1 million for
2011. Interest expense for 2012 and 2011 was $4.3 million and $2.2 million,
respectively. The increase in interest expense was due to a higher outstanding
balance owing to Merck during fiscal 2012.
Stock-based compensation, a non-cash item included in operating expenses,
decreased to $0.5 million for 2012, as compared to $1.9 million for 2011.
Financial Results for the Fourth Quarter 2012
Net income for the fourth quarter of 2012 (Q4-2012) was $7.7 million ($0.13
income per share), as compared to a net loss of $5.9 million ($0.10 loss per
share) for the fourth quarter of 2011 (Q4-2011). The net income in Q4-2012 was
largely due to an $11.2 million gain on the settlement of debt owed to Merck.
Total revenue for Q4-2012 and Q4-2011 were $0.1 million and $0.4 million,
respectively. R&D expenditures for Q4-2012 were $0.4 million, as compared to
$3.4 million for Q4-2011.
G&A expenditures for Q4-2012 were $2.4 million, as compared to $2.1 million
for Q4-2011. Interest expense for Q4-2012 and Q4-2011 were $0.9 and $0.6
Liquidity and Outstanding Share Capital
At December 31, 2012, the company had cash and cash equivalents of $41.3
million. Subsequent to year end, Cardiome paid the remaining $13 million of
the debt settlement amount under its settlement agreement with Merck. As of
March 14, 2013, the company had 62,351,691 common shares issued and
outstanding and 5,299,909 common shares issuable upon the exercise of
outstanding stock options at a weighted-average exercise price of CAD $2.76
Cardiome will hold a teleconference and webcast on Friday, March 15, 2013 at
8:15 a.m. Eastern (5:15 a.m. Pacific). To access the conference call, please
dial 416-764-8688 or 888-390-0546. 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 April 15,
2013. Please dial 416-764-8677 or 888-390-0541 and enter code 229431# 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 adults.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto Stock
Exchange (COM). For more information, please visit our web site at
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.
Cardiome Investor Relations
(604) 676-6993 or Toll Free: 1-800-330-9928
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