NASDAQ: CRME TSX: COM
VANCOUVER, Dec 19, 2014 /PRNewswire/ - Cardiome Pharma Corp.
(NASDAQ: CRME / TSX: COM) today announced that one of its
subsidiaries has entered into an agreement with Eddingpharm to
develop and commercialize BRINAVESS™ in China, Taiwan, and Macau and re-launch BRINAVESS in Hong Kong. Eddingpharm will be responsible for
any clinical trials and regulatory approvals required to
commercialize BRINAVESS in the countries covered by the agreement.
Under the terms of the agreement, Eddingpharm has agreed to an
upfront payment of US $1.0 million
and specific annual commercial goals for BRINAVESS. Cardiome is
also eligible to receive regulatory milestone payments of up to US
$3.0 million. Other financial details
have not been disclosed.
"Cardiome is extremely pleased to enter into this BRINAVESS
development and commercialization agreement with Eddingpharm for
China and these additional
regions," said Karim Lalji,
Cardiome's Chief Commercial Officer. "China is a market with significant opportunity
and we have found a very competent partner in Eddingpharm who can
unlock the full value of BRINAVESS in this rapidly growing region.
Our agreement with Eddingpharm reaffirms Cardiome's dedication to
have BRINAVESS available to all patients suffering from atrial
fibrillation worldwide."
"Eddingpharm is excited to have the opportunity to develop and
introduce BRINAVESS to the Chinese market," said Xin Ni, Eddingpharm's founder and CEO.
"BRINAVESS will be a key hospital product for the future of our
company and we are committed to making this drug available to all
our customers throughout the regions covered by this
agreement."
In 2012, the Chinese pharmaceutical market was estimated to be
valued at US $80B.1
References:
- IMS Consulting Group. Growing Pains: China's new pharma realities, and the
necessity of an informed strategy in bridging the gap between
assumed and realized growth, 2013
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a
specialty pharmaceutical company dedicated to the development and
commercialization of cardiovascular therapies that will improve the
quality of life and health of patients suffering from heart
disease. Cardiome has two marketed, in-hospital, cardiology
products, BRINAVESS™ (vernakalant IV), approved in Europe and other territories for the rapid
conversion of recent onset atrial fibrillation to sinus rhythm in
adults, and AGGRASTAT® (tirofiban HCl) a reversible GP IIb/IIIa
inhibitor indicated for use in patients with acute coronary
syndrome.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the
Toronto Stock Exchange (COM). For more information, please visit
our web site at www.cardiome.com.
About Eddingpharm
Founded in 2001, Eddingpharm is a fast growing specialty
pharmaceutical company in the Chinese market, committed to actively
introducing quality products into China's pharmaceutical market. The Company
focuses on the development and promotion of pharmaceutical products
in four therapeutic areas: clinical nutrition, oncology,
antibiotics and respiratory system. Eddingpharm has established
long-term cooperative relationships with a number of multinational
pharmaceutical companies and overseas specialty pharmaceutical
companies, and has built up a competitive product portfolio and
pipeline in the four major therapeutic areas. Eddingpharm recently
established its U.S. affiliate and set up a product development
team with R&D capabilities in Los
Angeles, CA, USA, to coordinate and communicate with leading
global R&D institutions and explore opportunities for
introducing innovative pharmaceutical products in China. The Company currently employs over 700
people.
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 2014 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 www.sec.gov and the Canadian securities regulatory
authorities at www.sedar.com. 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.