Cardiome Announces Preferred Share Financing

NASDAQ: CRME
TSX: COM

VANCOUVER, July 23 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ:
CRME/TSX: COM) today announced that it has entered into an agreement with CR
Intrinsic Investments, LLC, an investment fund managed by CR Intrinsic
Investors, LLC, an affiliate of S.A.C. Capital Advisors, LLC to purchase
Series A convertible preferred shares for gross proceeds of US$25 million.
Proceeds of the financing will be used for general corporate purposes, costs
associated with the ongoing strategic process and continued development of
Cardiome's clinical programs.
"We view this transaction as an important bridge which provides us with
additional near-term financial flexibility and a strengthened balance sheet as
we enter an important phase of our current strategic discussions," said Doug
Janzen, President and Chief Business Officer of Cardiome. "We are pleased that
our largest shareholder is willing to support Cardiome with a transaction
which will assist us in maximizing the value of our vernakalant franchise
following our recent positive oral data."
Under the non-brokered private placement, Cardiome has entered into an
agreement to sell 2,272,727 Series A convertible preferred shares at a price
of US$11.00 per share for gross proceeds of US$25 million to CR Intrinsic
Investments, LLC. Subject to certain timing restrictions, the preferred shares
will be convertible into common shares of Cardiome on a 1-to-1 basis. In the
event of a change of control of the Company, each preferred share will
automatically convert immediately prior to the closing of the change of
control event. No coupon or interest is payable on this series of preferred
shares. Closing of the transaction is subject to the fulfillment of customary
and usual closing conditions.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a product-focused drug development company dedicated
to the advancement and commercialization of novel treatments for disorders of
the heart and circulatory system. Cardiome is traded on the NASDAQ National
Market (CRME) and the Toronto Stock Exchange (COM). For more information,
please visit our web site at www.cardiome.com.

Forward-Looking Statement Disclaimer

Certain statements in this press release contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995 or
forward-looking information under applicable Canadian securities legislation
that may not be based on historical fact, including without limitation
statements containing the words "believe", "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect" and similar expressions. Such
forward-looking statements or information involve known and unknown risks,
uncertainties and other factors that may cause our actual results, events or
developments, or industry results, to be materially different from any future
results, events or developments expressed or implied by such forward-looking
statements or information. Such factors include, among others, our stage of
development, lack of product revenues, additional capital requirements, risk
associated with the completion of clinical trials and obtaining regulatory
approval to market our products, the ability to protect our intellectual
property, dependence on collaborative partners and the prospects for
negotiating additional corporate collaborations or licensing arrangements and
their timing. Specifically, certain risks and uncertainties that could cause
such actual events or results expressed or implied by such forward-looking
statements and information to differ materially from any future events or
results expressed or implied by such statements and information include, but
are not limited to, the risks and uncertainties that: we may not be able to
successfully develop and obtain regulatory approval for vernakalant (iv) or
vernakalant (oral) in the treatment of atrial fibrillation or any other
current or future products in our targeted indications; our future operating
results are uncertain and likely to fluctuate; we may not be able to raise
additional capital; we may not be successful in establishing additional
corporate collaborations or licensing arrangements; we may not be able to
establish marketing and sales capabilities and the costs of launching our
products may be greater than anticipated; we rely on third parties for the
continued supply and manufacture of vernakalant (iv) and vernakalant (oral)
and we have no experience in commercial manufacturing; we may face unknown
risks related to intellectual property matters; we face increased competition
from pharmaceutical and biotechnology companies; and other factors as
described in detail in our filings with the Securities and Exchange Commission
available at www.sec.gov and the Canadian securities regulatory authorities at
www.sedar.com. Given these risks and uncertainties, you are cautioned not to
place undue reliance on such forward-looking statements and information, which
are qualified in their entirety by this cautionary statement. All
forward-looking statements and information made herein are based on our
current expectations and we undertake no obligation to revise or update such
forward-looking statements and information to reflect subsequent events or
circumstances, except as required by law.
SOURCE Cardiome Pharma Corp.

Peter K. Hofman, Senior Director, Investor Relations, (604) 676-6993 or Toll
Free: 1-800-330-9928, Email: phofman@cardiome.com