Cardiome Pharma Corp. (TSX:COM) has reported that it more than doubled its annual loss to $85.5 million in 2007 compared with $36.1 million in 2006.
The Vancouver heart drug developer blamed the increased loss on lower revenue and rising research costs.
Cardiome's overall revenue for 2007 was $4.9 million compared with $20.7 million the year before; research and development spending increased to $56.8 million from $43.4 million in 2006.
Cardiome said it lost $1.36 per common share in 2007, compared with $0.68 the year before.
The company's general and administration expenses jumped to $18.5 million from $13.9 million.
Cardiome's share price range during the past week: between $8.05 and $8.48; 52-week high: $12.14; 52-week low: $5.