Dundee reinstates buy on Cardiome

May 17, 2010 9:59 AM ETCORV
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Contributor Since 2010

Stephen is the President of Kilmer Lucas Inc. (www.kilmerlucas.com) and BioTuesday Publishing Corporation (www.biotuesday.ca). Prior to founding both firms, he was the VP of Investor & Public Affairs for OccuLogix Inc., a Boston-based medical device company. Before managing OccuLogix’ spin-out on the TSX and NASDAQ via the largest healthcare IPO in Canadian market history and the first successful IPO of a non-FDA-approved medical device company on a major U.S. exchange in more than a decade, he served as the VP of Investor Relations and Corporate Communications for TLC Vision Corporation, the St. Louis-based LASIK eye surgery pioneer and OccuLogix’ parent company.

May 17, 2010 by leonardzehr · Leave a Comment (Edit)

Reflecting new Phase 3 data from Cardiome Pharma (TSX:COM; NASDAQ:CRME) and Merck (MRK 32.94 ↑0.18%) (NYSE:MRK) on Friday, Dundee Securities reinstated its “buy” rating on Cardiome, raising its 12-month price target to $10 from $8.  The stock closed at $8.24 on the TSX Friday.

Analyst David Martin writes that he previously had the stock “under review,” pending the release of more detailed data about the European Phase 3 study of Cardiome’s Brinavess (vernakalant) intravenous treatment for atrial fibrillation.

“We believe the results are positive, and this bodes well for potential approval of IV vernakalant (Brinavess) in Europe later this year, and should also be supportive of FDA approval in late 2011/early 2012,” he said.  “Of particular interest were the safety results since superior efficacy had previously been reported,” he added.

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