BioCentury
ARTICLE | Finance

Cardiome chronicles

June 5, 2006 7:00 AM UTC

Cardiome chronicles

Shares of Cardiome (TSX:COM; CRME) have risen at a steady clip since the company remade itself in 2001, thanks in part to positive newsflow for its cardiovascular compound, RSD1235. Last week, however, FDA issued a refusal-to-file letter for the NDA for use of the agent to treat atrial fibrillation. Although partner Astellas (Tokyo:4503) was responsible for the filing, investors took out their disappointment on the biotech. In Toronto, COM shed C$2.30 (18%) to C$10.29. On NASDAQ, shares of CRME also were down 18% ($2.09) to $9.32. Part of the problem, said COM, was that FDA might have had problems navigating the electronic common technical document. "We believe our partner Astellas submitted a pretty solid NDA and look forward to meeting with the FDA to better understand their concerns," said CEO Bob Rieder. The weekly stock price for Cardiome on the Toronto Stock Exchange (C$) tracked against selected events related to RSD1235. ...