Cardiome Reports First Quarter Results

                    Cardiome Reports First Quarter Results

PR Newswire

VANCOUVER, 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 

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™  (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

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 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 and the Canadian securities regulatory authorities at 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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