This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Cardiome Pharma loses $364,000 in Q3 2009 2009-11-09 14:59 ET - News Release Mr. Peter Hofman reports CARDIOME REPORTS THIRD QUARTER RESULTS
Cardiome Pharma Corp. has released its financial results for the third quarter ended Sept. 30, 2009. Amounts, unless specified otherwise, are expressed in accordance with Canadian generally accepted accounting principles. At the close of business on Sept. 30, 2009, the exchange rate was $1 (Canadian) equals 93.4 U.S. cents.
Results of operations
The company recorded a net loss of $400,000 (one cent per common share) for the three months ended Sept. 30, 2009, compared with a net loss of $11.8-million (18 cents per common share) for the three months ended Sept. 30, 2008. The decrease in net loss for the current quarter was largely due to the recognition of deferred revenue related to the upfront payment of $60-million (U.S.) and a milestone payment of $15-million (U.S.) from the company's collaborative partner, Merck & Co., partially offset by a foreign exchange loss on translation of U.S.-denominated net monetary assets into Canadian dollars for reporting purposes at period-end.
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