NASDAQ: CRME TSX: COM
VANCOUVER, Jan. 5, 2016 /PRNewswire/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today announced that one of its subsidiaries has entered into an agreement with Chong Kun Dang Pharmaceuticals ("CKD") to commercialize BRINAVESS® (vernakalant HCl) in South Korea. CKD will be responsible for obtaining the regulatory approval required to commercialize BRINAVESS in South Korea. Cardiome will receive an undisclosed upfront payment and is eligible to receive regulatory milestone payments. CKD has agreed to minimum annual commercial targets for BRINAVESS. Other details of the agreement have not been disclosed.
"Cardiome is excited to enter into this BRINAVESS commercialization agreement with CKD," said Hugues Sachot, Cardiome's Senior VP. "Korea boasts a rapidly growing pharmaceutical market led by companies such as CKD and we are fortunate to be working with them. Cardiome remains committed to making BRINAVESS available worldwide to treat patients suffering from recent-onset atrial fibrillation."
"CKD believes that BRINAVESS is a compelling medicine and we are pleased to work with Cardiome to bring BRINAVESS to Korea," said Young Joo Kim, CKD President. "We expect BRINAVESS to provide benefits to Korean patients suffering from AF once it is approved for sale in Korea."
In 2013, the Korean pharmaceutical market was estimated to be valued at US $17.3B.1
- Invest Korea, Investment opportunities in Korea, Biopharmaceutical publication. http://www.investkorea.org/ikwork/iko/eng/cont/contents.jsp?code=1020211, accessed Nov 19, 2015
About Cardiome Pharma Corp. Cardiome Pharma Corp. is a specialty pharmaceutical company dedicated to the development and commercialization of cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease. Cardiome has two marketed, in-hospital, cardiology products, BRINAVESS® (vernakalant IV), approved in Europe and other territories for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults, and AGGRASTAT® (tirofiban HCl) a reversible GP IIb/IIIa inhibitor indicated for use in patients with acute coronary syndrome. Cardiome also commercializes Esmocard® and Esmocard Lyo® (esmolol hydrochloride), a short-acting beta-blocker used to control rapid heart rate in a number of cardiovascular indications, on behalf of their partner AOP Orphan Pharma in select European markets. Cardiome has also licensed TREVYENT®, a development stage drug device combination that is under development for Pulmonary Arterial Hypertension for Europe, the Middle East and for Canadian markets.
Cardiome is traded on the NASDAQ Capital Market (CRME) and the Toronto Stock Exchange (COM). For more information, please visit our web site at www.cardiome.com.
About Chong Kun Dang Pharmaceutical Corp. Founded in 1941, CKD is a fully integrated pharmaceutical company employing over 1,900 people. It is one of the leading local pharmaceutical companies in Korea and through in-licensing and in-house R&D, it has significantly contributed to improving the health and quality of life of people mainly in Korea for more than 70 years. Domestically, it has a strong presence in cardiovascular and immunosuppressant disease areas and has local offices established in Vietnam and Indonesia. As a leading pharma in CVD in Korea, CKD continues to strengthen its major therapeutic area by its R&D capability and in-licensing innovative drugs from business partners worldwide.
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SOURCE Cardiome Pharma Corp.