Cardiome
Pharma Corp. (NDAQ: CRME) shares moved sharply higher today after the company
announced positive phase IIb results for its oral Vernakalant drug. The experimental
drug reduced the rate of abnormal heart rhythms in patients with recurrent atrial
fibrilation - a condition in which the heart's top two chambers quiver instead of
beating regularly, thereby reducing the heart's ability to pump blood efficiently.
Cardiome said it would move forwards with phase III study and seek a development partner
or strategic buyer for the entire company. Investors clearly applauded the move since
the likelihood of a strategic buyer is substantially higher with every development
milestone that they pass. These latest results demonstrated that the dosing group
significantly reduced the rate of arrial fibrillation relapse as compared to the placebo
group.
"We are delighted to report clearly positive clinical results from our vernakalant
(oral) program, which continue to support our belief in the exciting potential of
vernakalant as a therapy for atrial fibrillation," said Bob Rieder, Chairman and Chief
Executive Officer of Cardiome. "With 949 patients and subjects exposed to vernakalant
(oral) in this development program, we now have an extensive safety and efficacy dataset
to guide us as we move this exciting clinical program forward and finalize our strategic
discussions with interested parties."
Shares of Cardiome Pharma rose 27.46% to $10.63 on the news today.
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