Cardiome 4Q loss narrows on payment |
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Wed, 28 Mar 2007 16:25
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NEW YORK (AP) - Canadian drug developer Cardiome Pharma Corp. said Wednesday its fourth-quarter loss narrowed on a hefty licensing payment from its collaboration with Astellas Pharma U.S.The company posted a loss of 1.3 million Canadian dollars ($1.1 million), or 2 Canadian cents (2 cents) per share, compared with a loss of 8.6 million Canadian dollars, or 17 Canadian cents per share, during the same period a year prior. Revenue jumped to 13.1 million Canadian dollars ($11.2 million) from 3 million Canadian dollars.Analysts polled by Thomson Financial expected a loss of 6 cents per share on revenue of $11.5 million.Cardiome and Astellas are collaborating on a drug called RSD1235, aimed at treating atrial fibrillation, or an abnormal heartbeat in the upper heart chambers that reduces pumping capacity. During the quarter, Astellas made a payment of 10 million Canadian dollars to Cardiome.For the full year, the company lost 36.1 million Canadian dollars, or 68 Canadian cents per share, compared with a loss of 53.4 million Canadian dollars, or 1.09 Canadian dollars per share, in 2005. Revenue jumped to 20.7 million Canadian dollars from 16.1 million Canadian dollars.U.S.-listed shares of Cardiome fell 16 cents to $9.88 on the Nasdaq Stock Market in morning trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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