NASDAQ: CRME TSX: COM
VANCOUVER, Aug. 24, 2015 /PRNewswire/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today announced that its subsidiary, Correvio International Sàrl, has entered into an exclusive license and supply agreement with Eddingpharm to distribute and commercialize AGGRASTAT® (tirofiban hydrochloride) in China. Finanicial terms of the agreement include milestone payments and minimum annual commercial commitments. The financial terms of the agreement are not disclosed.
"We look forward to expanding our relationship with Eddingpharm to include AGGRASTAT distribution alongside BRINAVESS®," said William Hunter, M.D., President and CEO of Cardiome. "The Chinese market is complex and it makes commercial sense to consolidate the distribution of our products to one partner. Eddingpharm plans to initiate phase I studies for BRINAVESS in the near-term, and upon successful completion, begin a registration Phase III program for BRINAVESS by year-end. By commercializing AGGRASTAT, Eddingpharm can focus on the customer relationships that will make both AGGRASTAT and BRINAVESS a success in China. Cardiome will work closely with all involved to ensure a smooth transition."
"We are pleased to have entered into this AGGRASTAT commercialization agreement with Cardiome," said Xin Ni, Eddingpharrm's founder, Chairman and CEO. "The addition of AGGRASTAT to our hospital product line reaffirms our commitment to bringing high quality products to our customers, while at the same time, is a stepping stone to buidling a leading cardiovascular franchise that also includes BRINAVESS."
AGGRASTAT is available in China as a 250μg/ml, 50ml vial concentrate solution for infusion. The product is indicated to reduce the rate of thrombotic cardiovascular events in patients with non-ST elevated acute coronary syndromes (NSTE-ACS) as well as to prevent ischemic complications as a result of coronary angioplasty procedures.
Cardiome and Eddingpharm first entered into a BRINAVESSdevelopment and commercialzation agreement in China, Taiwan, Macau and Hong Kong on December 19, 2014. Under the terms of that agreement, Eddingpharm provided Cardiome an upfront payment of US $1.0M and specific annual commercial goals for BRINAVESS. Cardiome is also eligible to receive regulatory milestone payments of up to US $3.0M. Other financial details have not been disclosed.
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 European, the Middle East and 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 Eddingpharm Founded in 2001, Eddingpharm is a fast growing specialty pharmaceutical company in the Chinese market, committed to actively introducing quality products into China's pharmaceutical market. The Company focuses on the development and promotion of pharmaceutical products in four therapeutic areas: clinical nutrition, oncology, antibiotics and respiratory system. Eddingpharm has established long-term cooperative relationships with a number of multinational pharmaceutical companies and overseas specialty pharmaceutical companies, and has built up a competitive product portfolio and pipeline in the four major therapeutic areas. Eddingpharm recently established its U.S. affiliate and set up a product development team with R&D capabilities in Los Angeles, CA, USA, to coordinate and communicate with leading global R&D institutions and explore opportunities for introducing innovative pharmaceutical products in China. The Company currently employs over 700 people.
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SOURCE Cardiome Pharma Corp.