Cardiome Announces Filing Of Shelf Registration Statement

NASDAQ: CRME TSX: COM

VANCOUVER, Oct. 23 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ:
CRME/TSX: COM) today announced that it has filed a preliminary short form base
shelf prospectus with securities regulatory authorities in Canada and a
corresponding shelf registration statement with the United States Securities
and Exchange Commission on Form F-10.
On July 25, 2008, Cardiome completed a private placement of Series A preferred
shares. In connection with the private placement, Cardiome granted certain
registration rights to the purchaser of the Series A preferred shares pursuant
to a registration rights agreement, which require Cardiome to use its
reasonable best efforts to file a Canadian prospectus and related U.S.
registration statement covering resales, from time to time, of the common
shares issuable upon conversion of the Series A preferred shares. The shelf
prospectus filed today is intended to satisfy Cardiome's filing obligations
under the registration rights agreement, and to replace the company's previous
shelf prospectus, originally filed in October 2006, which was due to expire in
November 2008.
The timing of today's filing is tied to Cardiome's obligation in the
registration rights agreement to file the shelf prospectus by October 23, 2008
(90 days after the issuance of the Series A preferred shares) and is unrelated
to the type of transaction Cardiome hopes to deliver to shareholders, or the
status of the ongoing strategic process. Following the filing of the final
base shelf prospectus and the effectiveness of the registration statement,
Cardiome intends to file a prospectus supplement to cover resales, from time
to time, of the common shares issuable upon conversion of the Series A
preferred shares and thereby fulfill its obligations under the registration
rights agreement. Cardiome has no intention of raising additional capital at
this time.
The shelf registration statement filed today with the SEC has not yet become
effective. No securities may be sold, nor may offers to buy be accepted, prior
to the time the registration statement becomes effective. This press release
shall not constitute an offer to sell or a solicitation of an offer to buy,
nor shall there be any sale of these securities in any jurisdiction in which
an offer, solicitation or sale would be unlawful prior to registration or
qualifications under the securities laws of any such jurisdiction.
A copy of the shelf registration statement, including the related prospectus,
may be obtained from Curtis Sikorsky, Chief Financial Officer, at Cardiome's
address at 6190 Agronomy Road, 6th Floor, Vancouver, British Columbia, Canada,
V6T 1Z3.

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).

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