Cardiome Receives US$6 Million Milestone Payment
Published: Feb 23, 2005
VANCOUVER, Feb. 23 /PRNewswire-FirstCall/ -- Cardiome Pharma Corp (TSX: COM) today announced that it has received a US$6 million milestone payment from its co-development partner, Fujisawa Healthcare Inc. The milestone payment was triggered by the successful completion of ACT 1, the first of three Phase 3 clinical trials for Cardiome's lead antiarrhythmic product, intravenous RSD1235.
Cardiome licensed North American rights to the intravenous formulation of RSD1235 to Fujisawa Healthcare Inc in October 2003. Cardiome retains worldwide rights to oral RSD1235 for the prevention of AF and all rights to the intravenous formulations outside of Canada, US and Mexico. Cardiome may receive an additional US$48 million in milestone payments from Fujisawa over the course of the agreement, based upon the achievement of certain clinical and commercial milestones.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a product-focused cardiovascular drug development company with three clinical drug programs, two of which focus on atrial arrhythmia (intravenous and oral dosing) and one directed at congestive heart failure.
Cardiome's lead anti-arrhythmic product, RSD1235, is designed to be an acute-use, intravenous (IV) administration treatment for termination of atrial fibrillation (AF) and a chronic-use oral drug for the maintenance of normal heart rhythm following termination of AF. RSD1235 selectively blocks ion channels in the heart that are known to be active during episodes of AF. Cardiome reported Phase 3 results for IV RSD1235 in December 2004. Of the 237 patients with recent-onset atrial fibrillation (AF), 52% of those receiving an IV dose of RSD1235 converted to normal heart rhythm, as compared to 4% of placebo patients (p less than .001). There were no cases of drug-related "Torsades de Pointes". Controlled-release oral formulations of RSD1235 are currently being evaluated in Phase 1 clinical trials.
Cardiome's lead drug in the congestive heart failure (CHF) area is oxypurinol, a xanthine oxidase inhibitor. CHF is the failure of the heart to pump blood at a rate sufficient to support the body's needs. Oxypurinol is currently in a Phase 2 clinical trial that will evaluate the safety and effectiveness of oxypurinol in the treatment of patients with moderate to severe symptomatic CHF.
Cardiome is traded on the Toronto Stock Exchange (COM) and the NASDAQ National Market (CRME). Further information about Cardiome can be found at http://www.cardiome.com/.
For Further Information: Don Graham Director of Corporate Communication (604) 676-6963 or Toll Free: 1-800-330-9928 Email: email@example.com Forward-Looking Statement Disclaimer
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CONTACT: Don Graham, Director of Corporate Communication, (604) 676-6963or Toll Free: 1-800-330-9928, Email: firstname.lastname@example.org