Award Description

This award recognizes a Canadian biotech company that has distinguished itself from its peers with strong overall performance as a company, demonstrated leadership and shown significant achievement. It will have reached milestones in terms of financing, product introduction, and / or partnerships during the year that has allowed the company to be recognized as a leader. The company will have established a solid foundation for a strong and diverse pipeline, and impressive potential for sales and earnings. This award is based on performance in the previous calendar year (2011).

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Cardiome Pharma Corp. - 2011 Company of the Year Winner

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Cardiome Pharma is a Vancouver based life sciences company focused on developing proprietary drugs to treat or prevent cardiovascular and other diseases.  In September 2010, Cardiome was granted approval for marketing of vernakalant (iv) in the European Union, Iceland and Norway under the trade name BRINAVESSTM for the rapid conversion of recent onset atrial fibrillation to sinus rhythm in adults.

Cardiome’s lead programs, vernakalant (iv) and vernakalant (oral) are focused on the treatment of atrial fibrillation, an arrhythmia (or abnormal rhythm) of the upper chambers of the heart.  Atrial fibrillation is the most common cardiac arrhythmia, resulting in a stroke for approximately 15% of patients.  Vernakalant is a new chemical entity designed to treat atrial fibrillation, with the potential to overcome the limitations of current drugs used to treat atrial fibrillation.  Vernakalant (iv) is being evaluated as an intravenous pharmacologic converting agent designed to terminate an atrial fibrillation episode and return the heart to normal ryhythm; and vernakalant (oral) is being evaluated as an oral maintenance therapy for the long-term prevention of atrial fibrillation recurrence.  

Cardiome has a collaborative agreement which provides Merck with exclusive global rights to vernakalant (oral) and exclusive rights outside of the United States, Canada and Mexico to vernakalant (iv).  Cardiome has a second collaboration with Astellas for vernakalant (iv) in the United States, Canada and Mexico. 

In 2010, Cardiome earned revenues of $65 million from upfront, milestone and other payments from Merck.  To date, Cardiome has received over $105 million in payments from Merck for vernakalant and is eligible for up to $300 million in additional milestone payments as well as tiered royalties for sales on any approved products. 

Cardiome also has several pre-clinical projects directed at various therapeutic indications.