NASDAQ: CRME TSX: COM
VANCOUVER, July 29, 2016 /PRNewswire/ - Cardiome Pharma
Corp. ("Cardiome" or the "Company") (NASDAQ: CRME / TSX: COM)
announced today that it has closed its previously announced
underwritten public offering (the "Offering") of 11,500,000 common
shares from treasury, including the underwriters' full exercise of
their option to purchase 1,500,000 additional shares, at a price to
the public of US$3.00 per common
share, for aggregate gross proceeds to the Company of US$34,500,000, before deducting the underwriting
commission and estimated Offering expenses payable by the
Company.
Leerink Partners LLC acted as the sole book-running manager in
connection with the Offering. Canaccord Genuity, H.C. Wainwright & Co and Cormark Securities
acted as co-managers.
Cardiome intends to use the net proceeds from the Offering for
the in-licensing of dalbavancin, including for the upfront
licensing fee pursuant to the exclusive license agreement with
Allergan plc, and for milestone payments related to pricing
reimbursements and launches. Any remaining net proceeds from the
Offering will be used for general corporate purposes.
The securities described above were offered pursuant to a shelf
registration statement (including a prospectus) previously filed
with and declared effective by the Securities and Exchange
Commission (the "SEC") on March 2,
2016 and were qualified for distribution in Canada by way of a final prospectus supplement
to the Company's short form base shelf prospectus. A preliminary
prospectus supplement and accompanying prospectus relating to the
Offering, and a final prospectus supplement and accompanying
prospectus relating to the Offering were filed with the SEC and are
available for free on the SEC's website at http://www.sec.gov.
Copies of the preliminary prospectus supplement and the
accompanying prospectus and the final prospectus supplement and the
accompanying prospectus relating to the Offering may be obtained
from Leerink Partners LLC, Attention: Syndicate Department, One
Federal Street, 37th Floor, Boston,
MA, 02110, or by phone at 1-800-808-7525, ext. 6142, or by
email at Syndicate@leerink.com. The common shares offered and sold
pursuant to the Offering were only offered and sold by the
underwriters in the United
States.
The Company relied on the exemption set forth in Section 602.1
of the TSX Company Manual, which provides that the TSX will not
apply its standards to certain transactions involving eligible
interlisted issuers on a recognized exchange, such as the
NASDAQ.
This communication shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Cardiome Pharma Corp.
Cardiome Pharma Corp. is a
specialty pharmaceutical company dedicated to the development and
commercialization of innovative therapies that will improve the
quality of life and health of patients suffering from 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 also commercializes
ESMOCARD® and ESMOCARD LYO® (esmolol
hydrochloride), a short-acting beta-blocker used to control rapid
heart rate in a number of cardiovascular indications, on behalf of
their partner AOP Orphan Pharma in select European markets.
Cardiome has also licensed: XYDALBA™ (dalbavancin hydrochloride), a
second generation, semi-synthetic lipoglycopeptide approved in the
EU for the treatment of acute bacterial skin and skin structure
infections (ABSSSI) in adults for select European and Middle
Eastern nations and Canada from
Allergan; and TREVYENT®, a development stage drug device
combination that is under development for Pulmonary Arterial
Hypertension for Europe, the
Middle East and for Canadian
markets from SteadyMed Therapeutics.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the
Toronto Stock Exchange (COM).
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 the Offering, including the intended use of
proceeds of the Offering, our objectives and priorities for the
remainder of 2016 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: the closing of the Offering, 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 our 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; 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 those
factors discussed in the section "Risk Factors" in the final
prospectus supplement of the Company filed in Canada in connection with the Offering,
available on SEDAR at www.sedar.com and in the U.S. final
prospectus supplement of the Company dated July 26, 2016 included in the registration
statement on Form F-10 filed with the SEC. 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.