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Cardiome Reports Third Quarter Results By Globenewswire

VANCOUVER, British Columbia, Nov. 13, 2012 (GLOBE NEWSWIRE) -- Cardiome Pharma Corp. (Nasdaq:CRME) (TSX:COM) today reported financial results for the third quarter ended September 30, 2012. Amounts, unless specified otherwise, are expressed in U.S. dollars and in accordance with generally accepted accounting principles used in the United States of America (U.S. GAAP).



Summary Results



We recorded a net loss of $13.4 million ($0.22 per common share) for the three months ended September 30, 2012 (Q3-2012), compared to a net loss of $7.2 million ($0.12 per common share) for the three months ended September 30, 2011 (Q3-2011). The net loss for Q3-2012 was largely due to a restructuring charge of $9.0 million related to our workforce reduction, exit of redundant leased facilities, and consequent termination of certain contracts; while, the net loss for Q3-2011 was due to expenditures incurred on clinical development efforts and pre-clinical research projects.


Total revenue for Q3-2012 was $0.1 million, a decrease of $0.2 million from $0.3 million in Q3-2011.