November 11, 2010 / 9:40 PM / 7 years ago

UPDATE 1-Cardiome profit jumps on Merck payment

* Q3 EPS $0.37 vs nil

* Revenue up 57 percent (In U.S. dollars unless noted)

TORONTO, Nov 11 (Reuters) - Cardiome Pharma Corp (COM.TO) posted significantly stronger quarterly profit after markets closed on Thursday, largely due to a $30 million milestone payment and lower expenses.

The Vancouver-based drug company said net income was $22.8 million, or 37 cents a share, for the third quarter, ended Sept. 30. This compared with earnings of $200,000, or nil per share, a year ago.

The milestone payment was from Merck (MRK.N), relating to the marketing approval of intravenous vernakalant, a drug to treat abnormal heart rhythms, or atrial fibrillation.

The company also said research and development expenses were lower for the quarter.

Revenue rose 57 percent to $30.2 million.

The company had $53.4 million in cash at the end of the period and said it received an additional $30 million from Merck after the end of the quarter.

Cardiome shares closed down 2 percent at C$4.64 on the Toronto Stock Exchange. The shares have lost about 50 percent of their value since hitting 2010 highs in early August, but are largely unchanged from the start of the year.

$1=$1 Canadian Reporting by Solarina Ho; editing by Rob Wilson

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