Cardiome Reports 2008 Results( NASDAQ: CRME TSX: COM VANC...),Health

    NASDAQ: CRME   TSX: COM

VANCOUVER, March 30 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today reported financial results for the year ended December 31, 2008. Amounts, unless specified otherwise, are expressed in Canadian dollars and in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP). At close of business on December 31, 2008, the exchange rate was CAD$1.00=US$0.8210.

Summary Fiscal 2008 Results

We recorded a net loss of $60.5 million ($0.95 per common share) for the year ended December 31, 2008 compared to a net loss of $85.5 million ($1.36 per common share) for the year ended December 31, 2007. The decrease in net loss in fiscal 2008 compared to fiscal 2007 was largely due to foreign exchange. A decrease in research and development activities also contributed to the decrease in net loss.

Revenue for fiscal 2008 was $1.6 million, a decrease of $3.3 million from $4.9 million in fiscal 2007.

Research and development expenditures were $48.8 million for fiscal 2008, compared to $56.8 million for fiscal 2007. The decrease of $8.0 million was primarily due to the completion of the Phase 2b trial for vernakalant (oral) in fiscal 2008. General and administration expenses were $17.2 million in fiscal 2008 compared to $18.5 million in fiscal 2007. Amortization was $4.1 million for fiscal 2008 compared to $3.4 million for fiscal 2007. Interest and other income was $0.6 million for fiscal 2008 compared to $4.5 million for fiscal 2007. Foreign exchange gain was $8.2 million for fiscal 2008 compared to a loss of $16.2 million in fiscal 2007. Foreign exchange gains and losses are primarily attributable to the translation of U.S. and euro denominated net monetary assets into Canadian dollars for reporting purposes at period end.

Stock-based compensation, a non-cash item included in operating expenses, decreased to $3.1 million for fisc
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