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Biotech / Medical : Cardiome -- CRME
CRME 2.330-2.1%May 16 5:00 PM EST
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From: Ian@SI12/20/2006 1:49:24 PM
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extract from Globe and Mail story.

...

Only a few Canadian biotech companies reach late-stage clinical testing, and even fewer deliver drug-approvable results. So analysts say the Theratechnologies data could shape investor sentiment into 2007, ringing in the start of a string of important clinical-trial results from companies such as ViRexx Medical Corp., YM Biosciences Inc., Liponex Inc., Cardiome Pharma Corp. and ConjuChem Inc.

Separately, Cardiome and partner Astellas Pharma U.S. Inc. yesterday resubmitted an application to the U.S. Food and Drug Administration for an intravenous drug to treat irregular heartbeat in hospital emergency rooms. The filing triggered a $10-million (U.S.) milestone payment to Cardiome. In May, the FDA refused to accept the filing, citing "inconsistencies and omissions" in the clinical data submitted by Astellas.

While Sprott Securities analyst David Dean likes Cardiome's IV program, he "loves" an oral version of the same drug, predicting "positive news flow" in 2007 "as it advances through Phase II studies and toward the blockbuster indication of chronic atrial fibrillation." Cardiome owns all the rights to heart pill.

Shares of Cardiome dipped 57 cents (Canadian) to $12.75 yesterday as investors seemed reluctant to jump on the bandwagon until the FDA in February decides whether the IV filing is worthy of review.

...
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