Cardiome Reports Fourth Quarter and Full Year 2012 Financial Results

     Cardiome Reports Fourth Quarter and Full Year 2012 Financial Results

PR Newswire

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 
research activities.

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
million, respectively.

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 
per share.

Conference Call
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
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.

Contact:

Cardiome Investor Relations
(604) 676-6993 or Toll Free: 1-800-330-9928
Email:ir@cardiome.com
 
Press spacebar to pause and continue. Press esc to stop.