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Cardiome gets $30 million milestone payment for Brinavess approval in EU

September 2, 2010 | CP story

VANCOUVER - Drug developer Cardiome Pharma Corp. (TSX:COM) said Thursday it has earned a US$30-million milestone payment from a partnership with Merck after the Brinavess heart treatment received marketing approval in Europe.

Cardiome shares jumped on the news, gaining 71 cents or almost 11 per cent to $7.24 in early trading on the Toronto Stock Exchange.

The payment was triggered by approval in the European Union, Iceland and Norway for the drug, also known as vernakalant, developed to maintain normal heart rhythm in patients with atrial fibrillation.

"European approval and the milestone payment further strengthen Cardiome's financial position, both in the near term and in the long term via royalties from product sales," Cardiome CEO Doug Janzen said in a statement.

The partnership agreement provides Merck subsidiary Merck Sharp & Dohme with exclusive rights outside of the United States, Canada and Mexico to the drug.

Vancouver-based Cardiome develops treatments for disorders of the heart and circulatory system.

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