The FDA put it on hold in 2010 due to an unrelated death in South America. Google "Cardiome Announces Suspension of Enrollment in ACT 5 Trial"
Cardiome Pharma Corp. (NASDAQ: CRME) today announced that it has completed the acquisition of Correvio LLC (“Correvio”), a privately held pharmaceutical company headquartered in Geneva, Switzerland. Key benefits of the transaction include the following:
* Accelerates Cardiome's launch of BRINAVESS™ (vernakalant IV) and its transformation into a global commercial organization positioned for future growth
*Correvio is an EBITDA positive, European, specialty pharmaceutical company selling Aggrastat® (tirofiban HCL) to cardiologists in over 60 countries worldwide with annual revenues of US$30+ million
* Brings together two highly complementary, in-hospital, intravenous, cardiology products sold through a direct sales force in Europe and via specialty distributors elsewhere
* Reduces BRINAVESS build out costs and shortens the time to profitability by providing an established operational and financial infrastructure with significant operating cost synergies
*Transaction expected to be accretive immediately
"The acquisition of Correvio markedly accelerates Cardiome's recent transformation from a research and development-based company to an integrated, commercial, specialty pharmaceutical company. The Correvio acquisition fulfills many of our immediate strategic needs by providing an operational European platform, global distribution, complementary products and the financial flexibility required to accelerate the launch of BRINAVESS," stated William Hunter, M.D., Cardiome’s president and CEO. "The cash contribution from synergistic sales of AGGRASTAT will lessen our reliance on external financing by providing low cost,
ongoing funding while also shortening our road to profitability."
"We have worked hard over the years to build a scalable infrastructure to successfully promote and support AGGRASTAT sales worldwide,” stated Bert Van Den Bergh, chairman of Correvio. 'It's exciting to see a growing product like BRINAVESS able to leverage off of our existing hospital-bas
I wonder, when the hold is lifted, will the FDA require them to redo the Act V trial, or could approval be granted based on real world results in Europe?
Actually, they have $20 million cash and a slow burn rate. Also, the CEO put a few million of his own $ in at $2.00.
You sound like a short who got burned.
You've been telling me for weeks that I'm going to get crushed, but I just keep making lots of money. Am I doing something wrong?
I don't think so, Sweetie. The company has $2.00 per share cash on hand and now has $$ flowing in from sale of Brinavess in Europe and Israel.