WELL Health
Trending >

CEO Bill Hunter buys more Cardiome

Last week, Cardiome announced it had reached an agreement with Merck to settle its debt obligations around the 2009 license agreement for vernakalant, which was signed in April, 2009.

Last week, Cardiome announced it had reached an agreement with Merck to settle its debt obligations around the 2009 license agreement for vernakalant, which was signed in April, 2009.In September, Cardiome (TSX:COM) CEO Bill Hunter showed investors he was behind his new company with a series of stock purchases in the open market.

Former Angiotech CEO Hunter took the job in July after Doug Janzen left following a slide in company fortunes brought on by partner Merck backing out of development of Cardiome lead offering vernakalant, a drug designed to treat atrial fibrillation.

Recent filings show Hunter’s enthusiasm for Cardiome’s prospects has not wavered. On December 12th, Hunter bought 1.75-million shares of the company’s stock in the open market at $.408 and $.404. The purchases up the average of the stock he bought in September in the low to mid thirty cent range.

Last week, Cardiome announced it had reached an agreement with Merck to settle its debt obligations around the 2009 license agreement for vernakalant, which was signed in April, 2009. Cardiome will pay Merck $20-million on or before March 31, 2013, to settle its outstanding debt of $50-million. As of September, Cardiome had $53.6-million in the bank.

Asep

Hunter said the company was eager to put the matter behind and move on: “Complete resolution of our $50-million debt obligation to Merck removes a significant financial and operational overhang for Cardiome,” he said. “I am pleased with the progress we are making on the transfer of vernakalant back to Cardiome and we appreciate the efforts of Merck to make the transition of Brinavess as smooth as possible for our doctors and patients in Europe, and other markets. Merck’s commitment to our product and our patients, and to putting Cardiome on a stable financial footing, will allow us to manage our business unencumbered and realize the commercial and medical value of vernakalant.”

Shares of Cardiome on the TSX closed today down 3.1% to $.475.

____________

______________

We Hate Paywalls Too!

At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.

Make a one-time or recurring donation

About The Author /

Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
insta twitter facebook

Comment

Leave a Reply

RELATED POSTS