December 2004 and February 2005.
For further information:
CONTACT: Don Graham, Director of Corporate Communication, (604) 676 6963or Toll Free: 1 800 330 9928, ; Peter K.
About Oxford Bioscience Partners
Cardiome recently completed a Phase 2 clinical trial evaluating the safety and effectiveness of oxypurinol, a xanthine oxidase inhibitor, for the treatment of congestive heart failure (CHF). CHF is the failure of the heart to pump blood at a rate sufficient to support the body's needs. Top line results from this trial were negative. Cardiome is in the process of analyzing the entire data package from the trial prior to making any decision regarding the program.
Cardiome is traded on the Toronto Stock Exchange (COM) and the NASDAQ National Market (CRME).
Artesian currently has two advanced small molecule discovery programs in the area of congestive heart failure ("CHF"). Artesian's lead program is focused on a series of dual pharmacophore compounds designed to simultaneously inhibit the cardiac phosphodiesterase enzyme (PDE3), causing inotropic effects, while inhibiting the L Type Calcium channel to protect against calcium overload. Artesian's second program focuses on a novel strategy to attenuate the deleterious effects of the excessive neurohormonal activation which occurs in congestive heart failure (CHF).
"This acquisition reflects Cardiome's objective of expanding our product pipeline in the cardiology arena." said Bob Rieder, President and CEO of Cardiome. "Artesian's drug development candidates reflect an innovative drug discovery strategy which has been well implemented. We are excited at the potential to obtain several such high potential drug candidates from this acquisition, along with the financial resources required to drive that development."
VANCOUVER, Aug. 29 /PRNewswire FirstCall/ New Era Caps White
Cardiome Pharma Corp. biopharmaceutical company. Headquartered in Gaithersburg, Maryland, Artesian was New Era Carolina Hurricanes founded in March of 2002 to discover and develop bi functional small molecule drugs for the treatment of cardiovascular disease.
About Cardiome Pharma Corp. is a product focused cardiovascular drug development company with three clinical drug programs, two of which focus on atrial arrhythmia (intravenous and oral dosing) and one directed at congestive heart failure.
Director of Corporate Communication Director of Investor Relations
not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Under the terms of the proposed acquisition, payments to Artesian shareholders are contingent on the achievement of certain pre defined clinical milestones. The milestone payments will equal, in the aggregate, US$32 million for each of the first two drug candidates from the Artesian programs that reach NDA approval. The first such milestone is due upon initiation of the clinical development of an Artesian drug candidate. Concurrent with closing of the proposed acquisition, Oxford Bioscience Partners, Artesian's largest shareholder, will invest US$7.5 million into Cardiome at a price of approximately US$7.24 per share, a 5% premium over the five day average closing price of the common shares of Cardiome on the NASDAQ Stock Market prior to the execution of the LOI.
The completion of this transaction is subject to a number of conditions, including satisfactory completion of due diligence, final board approval, settling and executing definitive documentation, regulatory approval and customary closing conditions, and is expected to close in October, 2005.
Don Graham Peter K. Hofman
Artesian Therapeutics, Inc. is a privately held biopharmaceutical company discovering and developing a new generation of novel disease modifying therapeutics for the treatment of cardiovascular disease (CVD), by far the leading cause of death in the North America. Artesian is committed to revolutionizing the treatment of CVD utilizing a unique integrated technology approach to discover relevant disease pathways and rapidly translate these discoveries into therapeutic strategies to slow the progression of CVD, and promote the repair and recovery of the diseased heart.
About Artesian Therapeutics, Inc.
RSD1235 IV is the intravenous formulation of an investigational drug being evaluated for the acute treatment of recent onset atrial fibrillation (AF). RSD1235 also has a potential application as a chronic use oral drug for the maintenance of normal heart rhythm following termination of AF. Top line results from ACT 1, the first of three Phase 3 trials for RSD1235 IV, were released in Baltimore Orioles Caps
Oxford Bioscience Partners (OBP) is a life science venture capital firm that provides equity financing and management assistance to start up early stage, entrepreneurial driven companies in the bioscience and healthcare industries. The General Partners of OBP currently manage venture funds with combined committed capital of more than $800 million. Oxford Bioscience Partners has achieved considerable success and above average returns in the bioscience field over the past 20 years through investments in more than 100 companies worldwide.
(604) 676 6963 or (604) 676 6993Statements contained in this news release relating to future results, events and expectation are forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 40 F. In addition, the closing of the transaction contemplated by this release is conditional upon a number of factors, many of which are outside the Company's control. There is no assurance that the transaction will be completed at all or upon the same terms and conditions described above. The Toronto Stock Exchange has New Era St. Louis Browns
1 Announces Letter Of Intent To Acquire 2
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