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News Breaks | | | | December 11, 2012 | | 08:13 EDT |  | CRME | Cardiome reaches agreement with Merck to reitre debt and close line of credit
Cardiome Pharma announced that the company has reached an agreement with Merck to settle its debt obligations stemming from the companies' collaboration and license agreement for vernakalant, signed in April 2009. Under the terms of the settlement agreement, Cardiome will pay Merck $20M on or before March 31, 2013, to settle its outstanding debt of $50M owed to Merck. The payment will be made from Cardiome's existing cash balance, which totalled $53.6M at the end of September. Pursuant to the vernakalant collaboration and license agreement Merck had granted Cardiome an interest-bearing credit facility of up to $100M secured by a first priority security interest in the company's vernakalant patents throughout the world and all associated proceeds. The settlement between Cardiome and Merck will terminate the credit facility and, upon payment of the $20M settlement amount, will release and discharge the collateral security taken in respect of the advances under the line of credit. | |
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News For CRME From The Last 14 Days Check below for free stories on CRME the last two weeks. |
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| May 13, 2013 | | 09:05 EDT |  | CRME | Cardiome reports Q1 EPS $1.47, one estimate $1.48
Reports Q1 revenue $100,000, one estimate $1.6M | |
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