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Cardiome Reports First Quarter Results
Date:5/13/2008

NASDAQ: CRME TSX: COM

VANCOUVER, May 13 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today reported financial results for the first quarter ended March 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 March 31, 2008, the exchange rate was CAD$1.00=US$0.9742.

Results of Operations

We recorded a net loss of $22.2 million ($0.35 per common share) for the three months ended March 31, 2008 ("Q1-2008"), compared to a net loss of $14.0 million ($0.23 per common share) for the three months ended March 31, 2007 ("Q1-2007"). The increase in net loss for the current quarter was largely due to lower licensing and research collaborative fees and increased research and development expenditures related to vernakalant (oral) and GED-aPC clinical activities.

Revenue for Q1-2008 was $0.4 million, a decrease of $1.3 million from $1.7 million in Q1-2007. Revenue in Q1-2008 consisted of $0.2 million (Q1-2007 - $0.4 million) in licensing fees and $0.2 million (Q1-2007 - $1.3 million) in research and collaborative fees.

Research and development expenditures were $18.1 million for Q1-2008 compared to $11.8 million for Q1-2007. General and administration expenses decreased to $4.1 million in Q1-2008 from $4.6 million in Q1-2007. Amortization was $1.1 million for Q1-2008 compared to $0.5 million for Q1-2007. Interest and other income was $0.3 million for Q1-2008 compared to $1.4 million for Q1-2007. Foreign exchange gain was $0.3 million for Q1-2008 compared to a loss of $0.2 million in Q1-2007.

Stock-based compensation, a non-cash item included in operating expenses, decreased to $1.0 million for Q1-2008, as compared to $1.5 million for Q1-2007.

Liquidity and Outstanding Share Capital

As of March 31, 2008, the Company had cash and cash
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SOURCE Cardiome Pharma Corp.
Copyright©2008 PR Newswire.
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