Cardiome Pharma Corp. (TSX:COM) reported a big net loss for its latest quarter as a large dropoff in revenues reversed a profit last year.
The Vancouver-based maker of drugs to treat heart and circulation problems said Monday it had a net loss of US$7.1 million or 12 cents a share for the first quarter ended March 31.
That compared with a net profit of $15.5 million or 26 cents a share a year earlier, when the company benefited from the impact of a licensing deal.
Total revenue plunged to $0.4 million from $23 million last year when Cardiome booked revenue from a 2009 licensing agreement with global drugmaker Merck.
The company, which reports in U.S. dollars, said research and development spending remained flat at $3.8 million for the latest quarter.
Meanwhile, general and administration costs fell to $3.2 million from $3.4 million.