Atrial Fibrillation Trials Show Promise (CRME)
Cardiome Pharma Corp. (NASDAQ: CRME) has released positive Phase IIb 90-day results for its oral Vernakalant for atrial fibrillation before the open today. Shares are responding with a significant rise on the report.
Cardiome reported that the final analysis showed statistically significant efficacy for the patient group receiving 500mg of vernakalant compared to placebo. The safety data from the final analysis showed that vernakalant was well-tolerated and that the 500mg dosing group significantly showed a reduced rate of atrial fibrillation relapse over the placebo group. The company also noted that these results show evidence of a clear dose response, with 500mg proving to be the effective dose to prevent the recurrence of atrial fibrillation. The safety data indicates that vernakalant was well-tolerated with no difference in serious adverse events between the control group and the placebo group.
If you look though Cardiome’s quotes you will see that it observed more than a threefold increase in median time to recurrence of atrial fibrillation in patients receiving 500mg of vernakalant.
At 9:35 AM EST we have seen more than 1.5 million shares trade hands and the stock is up 30% at $10.88. This only trades about 650,000 on an average day.
Its 52-week trading range is $5.78 to $12.62. Its market cap based on today’s move is now listed as roughly $666 million.
Jon Ogg
July 14, 2008