Cardiome -- CRME Message Board

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Biotech / Medical : Cardiome -- CRME

CRME 2.330

-2.1%

May 16 5:00 PM EST

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From: LJM	4/30/2007 1:26:46 PM
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Cardiome Signs In-Licensing Pact With Eli Lilly >CRME LLY Apr 30, 2007 12:46:59 (ET) DOW JONES NEWSWIRES Cardiome Pharma Corp. (CRME) has signed an exclusive in-licensing agreement with Eli Lilly & Co. (LLY) for LY458202 (GED-aPC), a clinical-stage drug candidate, whereby Cardiome has been granted exclusive worldwide rights to GED-aPC for all indications. GED-aPC is an engineered analog of recombinant human activated Protein C with enhanced anti-inflammatory, anti-thrombotic and strong binding to endothelial protein C receptor properties, and has broad potential across multiple indications. Financial terms of the agreement include an upfront payment of $20 million payable to Lilly and development milestones not to exceed $40 million contingent on achievement of certain pre-defined late-stage clinical milestones. Lilly will also be entitled to royalty payments if the molecule is ultimately commercialized. Cardiome estimates that clinical expenditures on the GED-aPC program will be about $5 million in 2007. Vancouver-based Cardiome is a product-focused cardiovascular drug-development company. -Wendy Tsau; 416-306-2100; AskNewswires@dowjones.com (END) Dow Jones Newswires

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