-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, UiCBAPc/E43+2dUx5VK+hGTB/3zl79FstCoY0b2TDfUsYvJICzEFy9jM/dYRVjOL jBM2NItfY+JwbXkeZuTKwg== 0001062993-04-000477.txt : 20040409 0001062993-04-000477.hdr.sgml : 20040409 20040408175222 ACCESSION NUMBER: 0001062993-04-000477 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20040309 FILED AS OF DATE: 20040409 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CARDIOME PHARMA CORP CENTRAL INDEX KEY: 0001036141 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29338 FILM NUMBER: 04725733 BUSINESS ADDRESS: STREET 1: 3650 WESBROOK MALL STREET 2: V6S 2L2 CITY: VANCOUVER BC STATE: A1 BUSINESS PHONE: 6042225577 MAIL ADDRESS: STREET 1: 3650 WESBROCK MALL STREET 2: V6S 2L2 CITY: VANCOUVER BC 6-K 1 form6k.htm REPORT OF FOREIGN ISSUER Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Form 6-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
The Securities Exchange Act of 1934

For January 1, 2004 – March 31, 2004

CARDIOME PHARMA CORP.
(formerly NORTRAN PHARMACEUTICALS INC.
)
(Translation of Registrant’s name into English)

6190 Agronomy Road, 6th Floor
(Address of principal executive offices)

Vancouver, British Columbia, V6T 1Z3, CANADA

CIK # 0001036141 FILE NO. 0-29338

[Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or For 40-F]

Form 20-F    x              Form 40-F   ¨

[Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange act of 1934.]

Yes    x               No   ¨


FORM 6-K
TABLE OF CONTENTS

For January 1, 2004 – March 31, 2004

CARDIOME PHARMA CORP.
(formerly NORTRAN PHARMACEUTICALS INC.)

File No. 0-29338, CIK # 0001036141

Exhibit 99-1 Press Release – March 9, 2004 (Cardiome Regulatory Filing Accepted for Review)
   
Exhibit 99-2 Press Release – March 15, 2004 (Cardiome Reports Year End Financials and Gives Outlook for 2004)
   
Exhibit 99-3 Material Change Report – Cardiome Reports Year End Financials and Gives Outlook for 2004
   
Exhibit 99-4 Press Release – March 29, 2004 (Cardiome Initiates Cardiac Surgery Clinical Study, Revises Phase 3 Guidance)
   
Exhibit 99-5 Material Change Report – Cardiome Initiates Cardiac Surgery Clinical Study, Revises Phase 3 Guidance


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf of the undersigned, thereunto duly authorized.

    CARDIOME PHARMA CORP.
    (REGISTRANT)
     
Date: April 7, 2004  
     
     
   
    Christina Yip
    Vice President, Finance and Administration


EX-99.1 4 exhibit99-1.htm PRESS RELEASE DATED MARCH 9, 2004 Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Exhibit 99.1
3650 Wesbrook Mall
Vancouver, BC
V6S 2L2  CANADA
Tel: 604-677-6905
Fax: 604-677-6915
Website: www.cardiome.com

FOR IMMEDIATE RELEASE                       TSX: COM

CARDIOME REGULATORY FILING ACCEPTED FOR REVIEW

Vancouver, Canada, March 9, 2004 - Cardiome Pharma Corp (TSX: COM) today announced that the United States Food and Drug Administration (FDA) has accepted for review Cardiome’s New Drug Application (NDA) for oxypurinol for the treatment of allopurinol-intolerant hyperuricemia (gout). Cardiome submitted the NDA application under the provisions of the Orphan Drug Act and under Subpart H of the Food and Drug Act in the U.S. on December 23, 2003. The FDA’s acceptance of the NDA for review does not represent any opinion of the FDA regarding the safety or efficacy of the product.

"We believe that oxypurinol may provide benefit to this patient population," stated Bob Rieder, President and Chief Executive Officer of Cardiome. “Therefore, we are pleased that the FDA has elected to review our application.”

The FDA had a 60-day period immediately following the December 23 submission to review the file for adequacy and determine if there were grounds for the FDA to reject the filing. Filing acceptance occurs when the FDA determines that the required elements necessary for review have been included in the application. The FDA will now subject the NDA application to an exhaustive review of the safety and efficacy data provided. The application has been granted priority review and it is expected that a decision from the FDA will be received as early as the third quarter of 2004.

Gout is a chronic and potentially debilitating disease characterized by painful arthritis attacks that afflicts more than two million patients in the U.S. Allopurinol is an effective treatment for hyperuricemia, accounting for approximately 70% of all gout prescriptions. While allopurinol is well tolerated by most patients, 2-4% of patients develop allergic reactions that require immediate discontinuation of the drug. Some of those patients (estimated at between 2,000 and 10,000 patients) have severe gout-related hyperuricemia and no disease-modifying treatment alternatives. These patients currently suffer painful arthritis attacks, uric acid crystal deposits in joints and skin, and in some cases kidney stones or even kidney failure. Oxypurinol has the potential to successfully treat approximately 70% of this allopurinol-intolerant patient population.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a product-focused cardiovascular drug development company. Cardiome has three late stage clinical drug programs focused on atrial arrhythmias, congestive heart failure, and hyperuricemia (gout).

Cardiome’s lead antiarrhythmic product, RSD1235, is an acute-use, intravenous administration treatment for atrial fibrillation. RSD1235 selectively blocks ion channels in the heart that are known to be active during episodes of atrial fibrillation (AF). In a phase II study completed in September of 2002 with new onset AF patients (n=56), RSD1235 terminated AF in 61% of patients versus 5% placebo within 30 minutes of the end of infusion (p=0.0003). In a proof-of-concept oral dosing study in humans completed in December 2002, RSD1235 was also shown to have high oral bioavailability, suggesting it could be used for chronic oral therapy. Currently available drugs for AF lack sufficient efficacy and have serious safety risks. These safety issues include risk of drug-induced proarrhythmia, (ventricular fibrillation, heart attack), and other cardiac liabilities. On October 16, 2003 Cardiome and Fujisawa Healthcare, Inc. entered into a partnership agreement granting Fujisawa North American rights to intravenous RSD1235.

Cardiome’s lead drug in the congestive heart failure (“CHF”) area is oxypurinol, a xanthine oxidase inhibitor. CHF is the failure of the heart to pump blood at a rate sufficient to support the body’s needs. Oxypurinol sensitises cardiac muscle cells to intracellular calcium, leading to increased cardiac oxygen-use efficiency. Cardiome believes that


increasing the cardiac oxygen-use efficiency will improve the clinical outcomes for CHF patients. This application of oxypurinol is currently in a Phase 2/3 study in 400 patients with stage 3 and stage 4 CHF.

Cardiome also has a program applying its congestive heart failure product, oxypurinol, for the treatment of allopurinol-intolerant gout.

Cardiome is traded on the Toronto Stock Exchange (COM). Further information about Cardiome can be found at www.cardiome.com.

FOR FURTHER INFORMATION:

Don Graham
Director of Corporate Communication
(604) 677-6905 ext. 109
Toll Free: 1-800-330-9928
Email: dgraham@cardiome.com

Forward-Looking Statement Disclaimer
Statements contained in this news release relating to future results, events and expectation are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 20-F. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD

 

“Robert Rieder”

President & Chief Executive Officer


EX-99.2 5 exhibit99-2.htm PRESS RELEASE DATED MARCH 15, 2004 Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Exhibit 99.2
3650 Wesbrook Mall
Vancouver, BC
V6S 2L2  CANADA
Tel: 604-677-6905
Fax: 604-677-6915
Website: www.cardiome.com


FOR IMMEDIATE RELEASE            TSX: COM

CARDIOME REPORTS YEAR END FINANCIALS AND GIVES
OUTLOOK FOR 2004

Vancouver, Canada, March 15, 2004 - Cardiome Pharma Corp. (COM-TSX) (“Cardiome” or the “Company”) reported today financial results for the thirteen months ended December 31, 2003 (“Fiscal 2003”). The thirteen-month fiscal period is a result of the Company’s recent change of year-end from November 30 to December 31 to synchronize the fiscal reporting period with the majority of our industry peers. Amounts, unless specified otherwise, are all in Canadian dollars.

CORPORATE DEVELOPMENT IN FISCAL 2003

Following the successful completion of its Phase 2 clinical trial on the intravenous application of RSD1235 and acquisition of Cardiome, Inc. (formerly Paralex, Inc.) in 2002, Cardiome continued to focus on the execution of its business strategy. The Company accomplished the following significant milestones during fiscal 2003:

  • Initiation of a Phase 2/3 clinical trial, the OPT-CHF trial, on the oral application of oxypurinol for Congestive Heart Failure (CHF). OPT-CHF will study 400 patients with moderate to severe symptomatic heart failure (rated by the New York Heart Association as class 3-4) and will demonstrate the level of safety and effectiveness of oxypurinol.
     
  • Initiation of a Phase 3 clinical trial, called ACT 1, on the intravenous application of RSD1235. This is the first of the three Phase 3 clinical trials the Company plans to conduct to support the application for regulatory approval of RSD1235 in the United States and Canada. ACT 1 will involve studies in 420 patients and will provide data on the level of safety and efficacy of RSD1235 in the acute treatment of atrial fibrillation and atrial flutter.
     
  • Submission of a New Drug Application (“NDA”) to the U.S. Food and Drug Administration (“FDA”) seeking marketing approval for oxypurinol for the treatment of gout.
     
  • Completion of two equity financings, resulting in gross proceeds of $31 million. The Company closed a private placement of special warrants for total gross proceeds of $8 million and a public offering of common shares for total gross proceeds of $23 million in April 2003 and September 2003, respectively.
     
  • Completion of a US$68 million (Cdn $90 million) North American collaborative partnership agreement with Fujisawa Healthcare, Inc. (“Fujisawa”), for the co-development and commercialization of RSD1235 as an intravenous formulation for the treatment of atrial fibrillation and atrial flutter.

OUTLOOK FOR FISCAL 2004

The Company plans to achieve the following milestones in the fiscal year ending December 31, 2004 (“fiscal 2004”):

1) 

RSD1235 Intravenous Project
The Company will continue its work on ACT 1 and ACT 2 and begin work on ACT 3. The Company expects to initiate patient dosing for ACT 2 in the first quarter of 2004, complete ACT 1 in the second half of 2004, complete ACT 2 in the first half of 2005 and to initiate ACT 3 in second half of 2004.

   
2) 
RSD1235 Oral Project
The Company will continue its oral formulation work and begin its regulatory work for initiation of a Phase 1 clinical study in the fourth quarter of 2004.
   
3) 
Oxypurinol CHF Project
The Company will continue its work on OPT-CHF, EXOTIC-EF and LaPlata; studies in patients with heart failure. The Company expects to complete patient recruitment for OPT-CHF in the fourth quarter of 2004, to report on the results for EXOTIC-EF and LaPlata in the second and third quarters of 2004 respectively, with results for OPT-CHF in mid 2005.
   
4) 
Oxypurinol Gout Project
The six-month review date for the NDA submission is June 23, 2004. The Company is evaluating its strategy for the distribution of oxypurinol, considering whether to sell oxypurinol directly or enter into other marketing arrangements.

RESULTS OF OPERATIONS

For the thirteen months ended December 31, 2003 (“fiscal 2003”), the Company recorded a net loss of $19.9 million ($0.63 per common share) compared to a net loss of $14.0 million ($0.60 per common share) and $7.2 million ($0.69 per common share) for the years ended November 30, 2002 (“fiscal 2002”) and November 30, 2001 (“fiscal 2001”), respectively. Since its formation in 1986, Cardiome has incurred a cumulative deficit of $64.3 million. The increase in net loss in fiscal 2003, as compared to fiscal 2002, was mainly due to the inclusion of an additional month of operating expenditures as a result of the change of fiscal year-end, the adoption of the new accounting policy for stock-based compensation and the expanded research and development activities as described below. Stock based compensation increased the loss and loss per share for fiscal 2003 by $2.1 million and $0.06 per common share, respectively. The increased research and development activities were the primary factor for the increase in operating loss in fiscal 2002, as compared to fiscal 2001. The results of operations were in line with management’s expectations.

The Company expects losses to continue for at least two fiscal years as it invests in its product research and development, including pre-clinical studies, clinical trials and regulatory compliance.

Revenues

Total revenue for fiscal 2003 increased to $6 million, compared to $1.8 million and $0.2 million for fiscal 2002 and fiscal 2001, respectively.

Licensing fees represent the amortization of deferred revenue related to upfront payments from the Company’s collaborative partners. The Company generated $1.4 million of licensing fees for fiscal 2003, compared to $1.5 million and $0.2 million for fiscal 2002 and fiscal 2001, respectively. The current year decrease was mainly due to the recognition of the remaining balance of unamortized deferred revenue related to the upfront payment from the Company’s former collaborative partner, AstraZeneca A.B. in fiscal 2002, as the licensing agreement between the two parties was terminated in June 2002. This was offset by the amortization of deferred revenue related to the $13.1 million (US$10 million) of upfront payment from the Company’s new collaborative partner, Fujisawa, in fiscal 2003.


The recognition of the unamortized balance of deferred revenue related to the upfront payment from AstraZeneca A.B. was the primary reason for the increase in licensing fees for fiscal 2002 compared to fiscal 2001.

Research collaborative fees were $4.7 million for fiscal 2003, compared to $0.3 million and $30,448 for fiscal 2002 and 2001, respectively. The current year increase was mainly attributable to the research and development cost recovery from Fujisawa of $3.1 million ($Nil for fiscal 2002), $0.7 million for project management services provided to Fujisawa ($Nil for fiscal 2002), and the increase of $0.6 million for research services provided to UCB Farchim S.A. The increase in fiscal 2002, as compared to fiscal 2001, was primarily due to the fees charged for research services provided to UCB Farchim S.A. ($Nil for fiscal 2001).

Subsequent to December 31, 2003, the Company received notification from UCB indicating that UCB had no intention to extend its research service contract beyond March 2004. UCB is evaluating if it will advance any compound from the Company’s previous anti-tussive program to clinical trial. The Company will recognize the remaining balance of $0.9 million of deferred revenue associated with this contract in the first quarter of fiscal 2004.

The Company expects to continue receiving project management fees and development cost reimbursements from Fujisawa. The Company will continue to recognize as revenue the amortization of deferred revenue related to the upfront payment from its collaboration and license agreement with Fujisawa. The Company may also receive a milestone payment from Fujisawa in fiscal 2004. Depending on the FDA’s decision on the commercialization of oxypurinol for the treatment of gout, the Company may generate some product revenue or royalties from oxypurinol for the treatment of gout. The Company is evaluating its strategy for the distribution of oxypurinol for the treatment of gout, considering whether to sell oxypurinol directly or enter into other marketing arrangements. The Company may also earn revenue from new licensing and collaborative research and development agreements with other pharmaceutical companies. However, there can be no assurance that the Company will maintain its existing agreements or close a new licensing or collaborative research and development agreement.

Research and Development Expenditures

Research and development expenditures were $16.9 million for fiscal 2003, compared to $9.8 million and $5.2 million for fiscal 2002 and fiscal 2001, respectively. The increase of $7.1 million in research and development expenditures in fiscal 2003, as compared to fiscal 2002, was primarily due to the inclusion of an additional month of operating expenditure as a result of the change of fiscal year-end, stock-based compensation of $0.7 million and the expanded activities in the following projects:

1) 
RSD1235 Intravenous Project
During fiscal 2001, the Company initiated and completed a Phase 1 clinical study and started its preparation work for a Phase 2 clinical trial, called CRAFT. The Company successfully completed the CRAFT trial in fiscal 2002. The Company began its work on two Phase 3 clinical studies, ACT 1 and ACT 2, in fiscal 2003. Patient recruitment for ACT 1 initiated in August 2003 while preparation work for ACT 2 started in November 2003. As a result of these expanded activities, the Company incurred an additional operating expenditure of $1.4 million and $1.2 million in this project for fiscal 2003 and fiscal 2002 respectively, as compared to those incurred for the immediate preceding fiscal period. In accordance with the Company’s collaboration and licensing agreement with Fujisawa, the Company would recover $3.1 million of expenditures related to ACT 1 and ACT 2, from Fujisawa. These expense recoveries were recorded as research collaborative fees.
   
2) 
RSD1235 Oral Project
The Company started development of RSD1235 as an oral drug candidate and initiated its proof of concept study, oral absorption study in fiscal 2002. In fiscal 2003, the Company continued to work on the oral absorption study and initiated its oral formulation work in fiscal 2003. The expanded activities resulted in an additional operating expenditure of $0.2 million in this project for both fiscal 2003 and fiscal 2002, as compared to those incurred for the immediate preceding fiscal period.
   
3) 
Oxypurinol CHF Project



 
Following the acquisition of this project in March 2002, the Company initiated OPT-CHF, a Phase 2/3 clinical study, and worked on three proof-of-concept studies, called EXOTIC, EXOTIC-EF and LaPlata in fiscal 2003. OPT-CHF and LaPlata study the oral application of oxypurinol for the treatment of CHF, while EXOTIC and EXOTIC-EF test the intravenous application of oxypurinol for the treatment of CHF. The Company reported a favourable result from its EXOTIC study in September 2003. During fiscal 2002, the Company focused its operation in obtaining regulatory work to advance this project directly to Phase 2 clinical study, bypassing a usual Phase 1 safety study. The expanded activities resulted in an additional operating expenditure of $1.2 million and $2.1 million in this project for fiscal 2003 and fiscal 2002 respectively, as compared to those incurred for the immediate preceding fiscal period.
   
4) 
Oxypurinol Gout Project
Following the acquisition of this project in fiscal 2002, the Company reanalyzed the clinical data generated by ILEX Oncology, Inc., and focused its operation on the regulatory work for marketing approval of oxypurinol. The Company completed its regulatory work and submitted an NDA to the FDA in December 2003. The expanded activities resulted in an additional operating expenditure of $3.6 million and $0.8 million in this project for fiscal 2003 and fiscal 2002, respectively.
   
5) 
Other Pre-clinical Projects
In fiscal 2003, the Company continued to support its pre-clinical projects including the services provided to UCB. These activities incurred an additional operating expenditure of $0.9 million and $0.4 million in this project for fiscal 2003 and fiscal 2002 respectively, as compared to those incurred for the immediate preceding fiscal period.

The Company expects the research and development expenditures for fiscal 2004 to be higher than those incurred in fiscal 2003. A significant portion of the research and development expenditures in fiscal 2004 will be incurred in the activities described earlier under Outlook for Fiscal 2004.

General and Administration Expenditures

General and administration expenditures for fiscal 2003 were $5.6 million as compared to $3.8 million and $1.9 million for fiscal 2002 and fiscal 2001, respectively. The increase of $1.8 million in general and administration expenditures for fiscal 2003, as compared to fiscal 2002, was primarily due to the recognition of stock-based compensation expense of $1.4 million ($Nil for fiscal 2002), the inclusion of an additional month of operating expenditures as a result of the change of fiscal year-end, and increased business development activities related to licensing of RSD1235 Intravenous Project. The increase of $1.9 million in general and administration expenditures for fiscal 2002, as compared to fiscal 2001, was attributed to the increased expenditures of $1.7 million and $0.2 million associated with the expanded corporate development activities, and business development activities respectively.

The Company expects the general and administration expenditures for the twelve months ending December 31, 2004 to be lower than those incurred in fiscal 2003 covering thirteen months of operations.

Amortization

The Company recorded $6.0 million of amortization for fiscal 2003, compared to $4.4 million and $0.6 million for fiscal 2002 and fiscal 2001, respectively. The increase of $1.6 million in amortization for fiscal 2003, as compared to fiscal 2002 was due to the additional four months of amortization of the acquired technology licenses as a result of the acquisition of Cardiome, Inc. in March 2002. The increase of $3.8 million in amortization for fiscal 2002, as compared to fiscal 2001, was primarily due to the amortization of the acquired technology licenses as a result of the acquisition of Cardiome, Inc. The remaining increase was attributed to the capital assets and intellectual property rights acquired during fiscal 2002.


Other Income

Interest and other income was $0.5 million for fiscal 2003, compared to $0.6 million and $0.3 million for fiscal 2002 and fiscal 2001 respectively. The decline of interest income of $0.1 million for fiscal 2003, as compared to fiscal 2002, was mainly due to the lower market interest rate in fiscal 2003, as compared to fiscal 2002. This impact was offset by the higher average cash and short-term investment balances and the inclusion of an additional month of interest income as a result of the change of fiscal year-end. The increase in fiscal 2002, as compared to fiscal 2001, was the result of the increase in interest income of $0.2 million due to the higher average cash and short-term investment balances and the gain on the disposition of short-term investments of $0.1 million.

Future income tax recovery

The future income tax recovery results from the amortization of the intangible assets acquired from Cardiome, Inc. The increase for fiscal 2003, compared to fiscal 2002, reflects the additional amortization.

LIQUIDITY AND CAPITAL RESOURCES

The Company has financed its operations, capital expenditures and technology acquisition primarily through public offering and private placement of common shares, collaborative research and licensing fees, interest income and grant income. Since the Company changed its business to research and development in 1992, it has received net proceeds of approximately $81 million through public offering and private placement of common shares. Approximately $29 million of these proceeds were provided by the issuance of common shares pursuant to the two financings completed in fiscal 2003. In addition, the Company collected $13.1 million (US$10 million) upon the closing of its collaboration and licensing agreement with Fujisawa.

Capital expenditures paid by cash during fiscal 2003 were $0.4 million, comprising $0.3 million in capital assets and $0.1 million in intellectual property rights.

At December 31, 2003, the Company had working capital of $40.5 million as compared to $16.9 million at November 30, 2002. The Company had available cash reserves, comprised of cash, cash equivalents and short-term investments of $44.6 million at December 31, 2003 as compared to $19.7 million at November 30, 2002.

The Company is exposed to market risks related to changes in interest rates and foreign currency exchange rates. The Company invests its cash reserves in fixed rate, highly liquid and highly rated financial instruments such as treasury bills, commercial papers and banker’s acceptances. The Company has not entered into any forward currency contracts or other financial derivatives to hedge foreign exchange risk. The Company is subject to foreign exchange rate changes that could have a material effect on future operating results or cash flow.

Cardiome believes that its cash position, together with the anticipated cash inflows from its collaborative partner and interest income should be sufficient to finance its operational and capital needs for the next two fiscal years. However, the Company's future cash requirements may vary materially from those now expected due to a number of factors, including the costs associated with the completion of the clinical trials, collaborative and license arrangements with third parties, and opportunities to in-license complementary technologies. The Company will continue to review its financial needs and seek additional financing as required from sources that may include equity financing, and collaborative and licensing arrangements. However, there can be no assurance that such additional funding will be available or if available, whether acceptable terms will be offered.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a product-focused cardiovascular drug development company. Cardiome has three late stage clinical drug programs focused on atrial arrhythmias, congestive heart failure, and hyperuricemia (gout).


Cardiome’s lead antiarrhythmic product, RSD1235, is an acute-use, intravenous administration treatment for atrial fibrillation. RSD1235 selectively blocks ion channels in the heart that are known to be active during episodes of atrial fibrillation (AF). In a phase 2 study completed in September of 2002 with new onset AF patients (n=56), RSD1235 terminated AF in 61% of patients versus 5% placebo within 30 minutes of the end of infusion (p=0.0003). In a proof-of-concept oral dosing study in humans completed in December 2002, RSD1235 was also shown to have high oral bioavailability, suggesting it could be used for chronic oral therapy. Currently available drugs for AF lack sufficient efficacy and have serious safety risks. These safety issues include risk of drug-induced proarrhythmia, (ventricular fibrillation, heart attack), and other cardiac liabilities. On October 16, 2003 Cardiome and Fujisawa Healthcare, Inc. entered into a partnership agreement granting Fujisawa North American rights to intravenous RSD1235.

Cardiome’s lead drug in the congestive heart failure (“CHF”) area is oxypurinol, a xanthine oxidase inhibitor. CHF is the failure of the heart to pump blood at a rate sufficient to support the body’s needs. Oxypurinol sensitises cardiac muscle cells to intracellular calcium, leading to increased cardiac oxygen-use efficiency. Cardiome believes that increasing the cardiac oxygen-use efficiency will improve the clinical outcomes for CHF patients. This application of oxypurinol is currently in a Phase 2/3 study in 400 patients with stage 3 and stage 4 CHF. Cardiome also has a program applying its congestive heart failure product, oxypurinol, for the treatment of allopurinol-intolerant gout.

Cardiome is traded on the Toronto Stock Exchange (COM). Further information about Cardiome can be found at www.cardiome.com.

FOR FURTHER INFORMATION:

Don Graham
Director of Corporate Communication
(604) 677-6905 ext. 109
Toll Free: 1-800-330-9928
Email: dgraham@cardiome.com

Forward-Looking Statement Disclaimer
Statements contained in this news release relating to future results, events and expectation are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 20-F. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD
“Robert Rieder”
President & Chief Executive Officer



Balance Sheets December 31, 2003 November 30, 2002 2
Cash and cash equivalents
Short-term investments
Amounts receivable
Prepaid expenses
$13,978,880
30,604,031
4,360,377
798,004
$1,430,349
18,306,028
512,667
71,199
Total current assets
Capital assets
Intangible and other assets
49,741,292
849,689
41,533,337
20,320,243
399,646
47,081,861
Total assets
$92,124,318 $67,801,750
Current liabilities
Long-term portion of capital lease obligations
Long-term portion of deferred revenue
Future income tax liability
Shareholders’ equity
$9,263,563
7,040
8,304,168
15,860,000
58,689,547
$3,437,077
36,260
925,865
17,970,000
45,432,548
Total liabilities and shareholders’ equity
$92,124,318 $67,801,750

Statements of Loss and Deficit For the
Four
Months
Ended
Dec 31, 2003
For the Three
Months
Ended

Nov 30, 2002
For the
Thirteen
Months
Ended
Dec 31, 20031
For the
Twelve
Months
Ended
Nov 30, 20022
Revenue
Licensing fees
Research collaborative fees
$953,566
4,033,242
$132,267
245,905
$1,350,366
4,696,827
$1,480,641
287,768

4,986,808 378,172 6,047,193 1,768,409
Expenses
Research and development
General and administration
Amortization
7,747,825
2,105,198
1,853,166
3,361,583
1,214,222
1,635,385
16,928,018
5,631,050
6,028,230
9,759,442
3,760,006
4,441,501

11,706,189 6,211,190 28,587,298
17,960,949
     (i)     Operating loss
(6,719,381)
(5,833,018) (22,540,105)
(16,192,540)
Other income
Interest and other income
217,634 247,434
564,292
632,834

       
Loss before income taxes
Future income tax recovery
(6,501,747)
649,000
(5,585,584)
477,000
(21,975,813)
2,110,000
(15,559,706)
1,530,000
Net loss for the period
Deficit, beginning of period
$(5,852,747)
(58,438,882)
$(5,108,584)
(39,317,232)
$(19,865,813)
(44,425,816)
$(14,029,706)
(30,396,110)
Deficit, end of period
$(64,291,629) $(44,425,816)
$(64,291,629) $(44,425,816)
Net Loss per common share3
$(0.16) $(0.17) $(0.63) $(0.60)

1
Condensed from the Company’s consolidated financial statements.
2
Certain comparative figures have been restated to conform to the financial presentation used in the period ended December 31, 2003.
3
Net loss per common share is based on the weighted average number of common shares outstanding during the period.


EX-99.3 6 exhibit99-3.htm MATERIAL CHANGE REPORT ? CARDIOME REPORTS YEAR END FINANCIALS AND GIVES OUTLOOK FOR 2004 Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Exhibit 99.3

FORM 53-901F

SECURITIES ACT

MATERIAL CHANGE REPORT UNDER
SECTION 85(1) OF THE SECURITIES ACT (BRITISH COLUMBIA)
AND EQUIVALENT LEGISLATION OF OTHER JURISDICTIONS

Item 1.

REPORTING ISSUER

Cardiome Pharma Corp.
3650 Wesbrook Mall
Vancouver, BC V6S 2L2

   
Item 2.

DATE OF MATERIAL CHANGE

March 15, 2004

   
Item 3.

PRESS RELEASE

March 15, 2004 - Vancouver, British Columbia

   
Item 4.

SUMMARY OF MATERIAL CHANGE

Cardiome Pharma Corp. reported financial results for the thirteen months ended December 31, 2003 (“Fiscal 2003”). The thirteen-month fiscal period is a result of the Company’s recent change of year-end from November 30 to December 31 to synchronize the fiscal reporting period with the majority of our industry peers. Amounts, unless specified otherwise, are all in Canadian dollars.

   
Item 5.

FULL DESCRIPTION OF MATERIAL CHANGE

See attached press release dated March 15, 2004 for a full description.

   
Item 6.

RELIANCE ON SECTION 85(2) OF THE SECURITIES ACT (BRITISH COLUMBIA) AND EQUIVALENT LEGISLATION OF OTHER JURISDICTIONS

Not Applicable.

   
Item 7.

OMITTED INFORMATION

Not Applicable.

   
Item 8. SENIOR OFFICER

  Name: Christina Yip
  Title: Vice President, Finance and Administration
  Phone No.: 604-677-6905


2

Item 9.

STATEMENT OF SENIOR OFFICER

The foregoing accurately discloses the material change referred to herein.

Dated at Vancouver, British Columbia, this 25th day of March, 2004.

 

CARDIOME PHARMA CORP.   

     
  Per:
    Christina Yip,
Vice President, Finance and Administration

IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE FILED OR FURNISHED UNDER THE ACT OR THIS REGULATION THAT, AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A MISREPRESENTATION.


EX-99.4 7 exhibit99-4.htm PRESS RELEASE DATED MARCH 29, 2004 Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Exhibit 99.4
6190 Agronomy
Road 6th Floor
Vancouver, BC
V6T 1Z3 CANADA
Tel: 604-677-6905
Fax: 604-677-6915
Website: www.cardiome.com

FOR IMMEDIATE RELEASE           TSX: COM

CARDIOME INITIATES CARDIAC SURGERY CLINICAL STUDY,
REVISES PHASE 3 GUIDANCE

Vancouver, Canada, March 29, 2004 Cardiome Pharma Corp (TSX: COM) today announced that it has commenced its second Phase 3 efficacy study of RSD1235 for the acute treatment of atrial fibrillation (AF). The study, called ACT 2, will evaluate the efficacy and safety of intravenous RSD1235 for the treatment of patients who have developed transient atrial fibrillation following cardiac surgery. ACT 2 is the second of an expected three Phase 3 clinical studies that Cardiome and its marketing partner Fujisawa Healthcare Inc. will undertake prior to filing for approval in the US.

“Applying RSD1235 to this patient population is a logical extension given the promising results we have seen in our earlier clinical studies,” said Sheila Grant, VP Commercial Affairs. “We and our partner Fujisawa are delighted to be able to initiate this trial ahead of our previously projected timeline.”

The placebo-controlled study in approximately 210 patients will be conducted in 25 centres in the United States, Canada and Europe. The ACT 2 study will be focused on the treatment of patients with atrial fibrillation or atrial flutter occurring after coronary artery bypass graft (CABG) or valve replacement surgery. Approximately 30% of these patients have an episode of atrial arrhythmia following their surgery. The arrhythmia though transient is a significant medical concern, placing the patient at risk of stroke. Current procedures for terminating atrial fibrillation, including electrical cardioversion, are inappropriate for this patient population. The primary efficacy endpoint will be the acute conversion of atrial arrhythmia to normal heart rhythm. The study is expected to take 14 months to complete.

“There is significant unmet need for a safe anti-arrhythmic agent in post-operative cardiac patients” stated Dr. Peter Kowey, Chief of the Division of Cardiovascular Diseases at the Lankenau Hospital in Philadelphia and Chair of the study Steering Committee. “We are eager to put RSD1235 to the test as a novel therapeutic for this patient population”.

Cardiome also announced today a change in guidance in regard to its initial Phase 3 study for RSD1235, called ACT

1. The ACT 1 study seeks to confirm the findings of the successful Phase 2 proof-of-concept CRAFT trial. ACT 1 is focused primarily on recent-onset AF patients and those with longer AF duration. ACT 1 enrolment was initially projected for completion by year-end 2004 with results scheduled for the first quarter of 2005. The study has progressed more quickly than expected, and the company now expects results to be announced prior to year-end.

“Cardiome’s excellent clinical team has again demonstrated their capability,” stated Bob Rieder, President and CEO of Cardiome. “As a result of their efforts, the key value-adding ACT 1 data will now be available to Cardiome and its partner several months earlier than previously estimated."

In October 2003, Cardiome licensed North American rights to the intravenous formulation of RSD1235 to Fujisawa Healthcare Inc. Under the terms of the agreement Cardiome granted Fujisawa an exclusive license to develop and commercialize intravenous RSD1235 in North America. The companies will co-develop RSD1235 IV to NDA, with Fujisawa responsible for 75% of development costs. Cardiome has retained all rights to the intravenous formulations outside of Canada, US and Mexico, and has also retained worldwide rights to oral RSD1235 for the prevention of AF.

Atrial fibrillation is an abnormal heath rhythm that affects the atria of the heart, lowering the heart’s pumping capacity and increasing the risk of stroke. Immediate symptoms are breathlessness and fatigue. Long-term effects


include increased risk of both stroke and congestive heart failure. In 2002 there were over 7 million cases of atrial arrhythmia in the developed world. The acute in-hospital market is poorly served by existing drugs. Establishment of safety and efficacy will be key to RSD1235 emerging as the potential drug of choice for the management of paroxysmal and persistent AF.

Currently available drugs lack sufficient efficacy and put patients at risk for potentially fatal side-effect arrhythmias. The common initial approach for the treatment of chronic AF is by electrocardioverting (electroshocking) the patient, an invasive and expensive procedure.

About Cardiome Pharma Corp.

Cardiome Pharma Corp. is a product-focused cardiovascular drug development company. Cardiome has three late stage clinical drug programs focused on atrial arrhythmias, congestive heart failure, and hyperuricemia (gout).

RSD1235 is Cardiome’s lead drug in atrial arrhythmias. Cardiome’s lead drug in the congestive heart failure (“CHF”) area is oxypurinol, a xanthine oxidase inhibitor with antioxidant properties. CHF is the failure of the heart to pump blood at a rate sufficient to support the body’s needs. Oxypurinol sensitises cardiac muscle cells to intracellular calcium, leading to increased cardiac oxygen-use efficiency. Cardiome believes that increasing the cardiac oxygen-use efficiency will improve the clinical outcomes for CHF patients. This application of oxypurinol is currently in a Phase 2/3 study in 400 patients with stage 3 and stage 4 CHF.

Cardiome also has a program applying its congestive heart failure product, oxypurinol, for the treatment of allopurinol-intolerant gout. Cardiome filed an Orphan Drug NDA for this indication in December 2003.

Cardiome is traded on the Toronto Stock Exchange (COM). Further information about Cardiome can be found at www.cardiome.com.

FOR FURTHER INFORMATION:

Don Graham
Director of Corporate Communication
(604) 677-6905 ext. 109
Toll Free: 1-800-330-9928
Email: dgraham@cardiome.com

Forward-Looking Statement Disclaimer
Statements contained in this news release relating to future results, events and expectation are forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of the company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such statements. Such factors include, among others, those described in the Company's annual report on Form 20-F. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD

 

“Robert Rieder”

President & Chief Executive Officer


EX-99.5 8 exhibit99-5.htm MATERIAL CHANGE REPORT ? CARDIOME INITIATES CARDIAC SURGERY CLINICAL STUDY, REVISES PHASE 3 GUIDANCE Filed by Automated Filing Services Inc. (604) 609-0244 - Cardiome Pharma Corp. - Exhibit 99.5

FORM 53-901F

SECURITIES ACT

MATERIAL CHANGE REPORT UNDER
SECTION 85(1) OF THE SECURITIES ACT (BRITISH COLUMBIA)
AND EQUIVALENT LEGISLATION OF OTHER JURISDICTIONS

Item 1.

REPORTING ISSUER

Cardiome Pharma Corp.
6190 Agronomy Road
6th Floor
Vancouver, BC V6T 1Z3

   
Item 2.

DATE OF MATERIAL CHANGE

March 29, 2004

   
Item 3.

PRESS RELEASE

March 29, 2004 - Vancouver, British Columbia

   
Item 4.

SUMMARY OF MATERIAL CHANGE

Cardiome Pharma Corp announced that it has commenced its second Phase 3 efficacy study of RSD1235 for the acute treatment of atrial fibrillation (AF). The study, called ACT 2, will evaluate the efficacy and safety of intravenous RSD1235 for the treatment of patients who have developed transient atrial fibrillation following cardiac surgery. ACT 2 is the second of an expected three Phase 3 clinical studies that Cardiome and its marketing partner Fujisawa Healthcare Inc. will undertake prior to filing for approval in the US.

   
Item 5.

FULL DESCRIPTION OF MATERIAL CHANGE

Cardiome Pharma Corp has commenced its second Phase 3 efficacy study of RSD1235 for the acute treatment of atrial fibrillation (AF). The study, called ACT 2, will evaluate the efficacy and safety of intravenous RSD1235 for the treatment of patients who have developed transient atrial fibrillation following cardiac surgery. ACT 2 is the second of an expected three Phase 3 clinical studies that Cardiome and its marketing partner Fujisawa Healthcare Inc. will undertake prior to filing for approval in the US.

The placebo-controlled study in approximately 210 patients will be conducted in 25 centres in the United States, Canada and Europe. The ACT 2 study will be focused on the treatment of patients with atrial fibrillation or atrial flutter occurring after coronary artery bypass graft (CABG) or valve replacement surgery. Approximately 30% of these patients have an episode of atrial arrhythmia following their surgery. The arrhythmia though transient is a significant medical concern, placing the patient at risk of stroke. Current procedures for terminating atrial fibrillation, including electrical cardioversion, are inappropriate for this patient population. The primary efficacy endpoint will be the acute conversion of atrial arrhythmia to normal heart rhythm. The study is expected to take 14 months to complete.

Cardiome also announced a change in guidance in regard to its initial Phase 3 study for RSD1235, called ACT 1. The ACT 1 study seeks to confirm the findings of the successful Phase 2 proof-of-concept CRAFT trial. ACT 1 is focused primarily on recent-onset AF patients and those with longer AF duration. ACT 1 enrolment was initially projected for completion by year-end 2004 with results scheduled for the first quarter of 2005. The study has progressed more quickly than expected, and the company now expects results to be announced prior to year-end.




Item 6.

RELIANCE ON SECTION 85(2) OF THE SECURITIES ACT (BRITISH COLUMBIA) AND EQUIVALENT LEGISLATION OF OTHER JURISDICTIONS

Not Applicable.

   
Item 7.

OMITTED INFORMATION

Not Applicable.

   
Item 8. SENIOR OFFICER

  Name: Christina Yip
  Title: Vice President, Finance and Administration
  Phone No.: 604-677-6905
   
Item 9.

STATEMENT OF SENIOR OFFICER

The foregoing accurately discloses the material change referred to herein.

Dated at Vancouver, British Columbia, this 31st day of March, 2004.

 

CARDIOME PHARMA CORP.   

     
  Per:
    Christina Yip,
Vice President, Finance and Administration

IT IS AN OFFENCE FOR A PERSON TO MAKE A STATEMENT IN A DOCUMENT REQUIRED TO BE FILED OR FURNISHED UNDER THE ACT OR THIS REGULATION THAT, AT THE TIME AND IN THE LIGHT OF THE CIRCUMSTANCES UNDER WHICH IT IS MADE, IS A MISREPRESENTATION.


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