Cardiome Reports ~$15M Bought-Deal Financing

Cardiome Pharma Corp. ("Cardiome" or the "Company")

announced today that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc., acting as sole bookrunner and co-lead underwriter and Canaccord Genuity Corp., acting as co-lead underwriter and including Brean Capital LLC and Laurentian Bank Securities Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 1,875,000 common shares from the treasury of the Company (the "Shares") at a price of US$8.00 per share (the "Offering Price"), for gross proceeds of approximately US$15.0 million (the "Offering"). Cardiome has granted the Underwriters an over-allotment option to purchase up to an additional 281,250 Shares at the Offering Price, exercisable for a period of 30 days after closing of the Offering (the "Over-allotment Option"). If the Over-allotment Option is exercised in full, the aggregate gross proceeds from the Offering will be US$17.25 million. The net proceeds of the Offering are expected to be used for business development and growth opportunities, including potential product licensing opportunities, working capital and general corporate purposes. The Shares will be offered for sale in (i) each of the Provinces of Canada, except Quebec, (the "Canadian Offering Jurisdictions") by way of a short form prospectus to be filed in each of the Canadian Offering Jurisdictions pursuant to National Instrument 44-101 - Short Form Prospectus Distributions; (ii) the United States using the Canada-U.S. Multi-Jurisdictional Disclosure System whereby the Company shall prepare and file with the United States Securities and Exchange Commission (the "SEC") a registration statement on Form F-10 covering the registration of the Shares under the United States Securities Act of 1933, as amended; and (iii) jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction. The Offering is expected to close on or about August 13, 2015. Completion of the Offering is subject to, and conditional upon, the receipt of all necessary approvals, including approval of the Toronto Stock Exchange and the NASDAQ.