Cardiome Pharma (NASDAQ: CRME) picked a bad day for good news.
According to the AP the company announced "interim midstage data showed its experimental drug vernakalant was safe and effective in treating abnormal heart rhythm, compared with placebo"
CRME shares are up 47% on the news trading 4.6 million shares well ahead of average daily volume of 600,000.
The company has somewhat troubling financials. For the September quarter, CRME lost $31.6 million compared to $12.3.
Revenue fell from $2.4 million in Q3 2006 to $1 million.
The company had $84.4 of cash at the end of the quarter. All the numbers are Canadian dollars.
In other words, CRME does not have a significant amount of cash given its burn rate.
Douglas A. McIntyre