Cardiome Reports Second Quarter Results
Cardiome Pharma (NASDAQ: CRME) reported Tuesday financial results for the second quarter ended June 30, 2012. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP).
We recorded a net loss of $5.7 million ($0.09 per common share) for the three months ended June 30, 2012 (Q2-2012), compared to a net loss of $7.7 million ($0.13 per common share) for the three months ended June 30, 2011 (Q2-2011). The net losses for Q2-2012 and Q2-2011 were largely due to expenditures incurred on clinical development efforts and pre-clinical research projects. The net loss for Q2-2012 includes employee termination charges of $0.2 million related to our workforce reduction in March. This amount represents employee severance and outplacement support costs expensed in Q2-2012.
Total revenue for Q2-2012 was $0.2 million, a decrease of $0.2 million from $0.4 million in Q2-2011
Research and development expenditures were $2.4 million for Q2-2012 compared to $4.1 million for Q2-2011. General and administration expenditures for Q2-2012 were $2.2 million compared to $3.5 million for Q2-2011. Interest expense for Q2-2012 was $1.1 million compared to $0.6 million for Q2-2011.
Stock-based compensation, a non-cash item included in operating expenses for Q2-2012 was $0.2 million as compared to $0.5 million for Q2-2011.
Liquidity and Outstanding Share Capital
At June 30, 2012, the Company had cash and cash equivalents of $60.7 million. As of August 7, 2012, the Company had 61,129,091 common shares issued and outstanding and 5,222,648 common shares issuable upon the exercise of outstanding stock options at a weighted-average exercise price of CAD $4.84 per share.
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