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Tag Archives: tender offer

Next Steps for Cardiome: activated Protein C Program will Seek Other Funding

Update: Cardiome extended its tender offer to allow time to digest the announcement below. Expiry is now October 13th.

When Cardiome (NASDAQ: CRME) (TSX: COM) announced its $27.5 million share buy-back program, the In Vivo Blog noted an earlier comment from its CEO, Doug Janzen, saying that Cardiome doesn’t “believe in the risks of building [its] own pipeline at this point.”

Well, it appears he meant it.  Cardiome has been developing its GED-aPC program via a subsidiary company, but has now decided that the drug “will be funded externally from Cardiome.”  The idea is that

“next steps for the program will be focused on finding external investors and/or partners to assist in future development of the asset.”

Also, Dr. Charles Fisher, CMO and EVP, Clinical & Regulatory Affairs, will be leaving the company and continuing as “a consultant to Cardiome.”

GED-aPC is a recombinant human activated Protein C (aPC) analog with a “broad” range of potential uses.

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Monday Deal Review: February 2, 2009

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