Vancouver-based Cardiome Pharma Corp. (TSX:COM) reported a jump to profitability in its second quarter ending June 30, 2010.
Second quarter profit rose to US$4.6 million compared with a net loss of US$700,000 due largely to revenue derived from payments from its collaboration and license agreement with Merck and decreased research and development expenditures.
Total revenue rose to US$12.4 million, up from US$7.3 million in the same period a year ago.
The company made significant cuts in the quarter, reducing R&D expenditures by 31% to US$3.7 million from US$5.4 million and administrative expenses by 21% to US$3.3 million from US$4.2 million.
The company reported having cash and cash equivalents of US$57.7 million.
The company also announced a delay in the next phase of its clinical program for its Vernakalant heart drug, which was previously announced to begin this summer. The company said Merck is revising its clinical development plan and would provide an update once the process is complete.
Cardiome’s share price range in the past week: between $9.59 and $8.91; 52-week high: $9.50; 52-week low: $3.90.