Cardiome Pharma Corp. (NASDAQ: CRME) (TSX: COM) announced that it will extend the term of its modified "Dutch Auction" tender offer (the "Offer") for up to US$27.5 million of its common shares commenced on September 1, 2009. The Offer, which was initially schedule to expire at 5:00 p.m. (Eastern Time) on October 6, 2009, has been extended until 5:00 p.m. (Eastern time) on October 13, 2009, unless further extended or withdrawn by the Company.
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Cardiome is extending the Offer in order to amend the offer to purchase and issuer bid circular (as amended, the "Offer to Purchase and Circular") in order to include information about its development strategy for GED-aPC and the related transition of Dr. Charles Fisher, Chief Medical Officer and Executive Vice President, Clinical Regulatory Affairs, to a consulting role. A separate press release regarding the Company's development strategy and the transition of Dr. Fisher to a consulting role has been filed by the Company. Cardiome will mail a notice of change and variation (the "Notice") to its shareholders, setting out the new expiration date of the Offer and the change in information in the Offer to Purchase and Circular. The Notice is being filed concurrently with the securities regulatory authorities in the United States and Canada. The tender offer will be conducted as a modified "Dutch auction", which will enable shareholders to select a price between US$4.25 per share and US$5.10 per share at which they are willing to tender their common shares to the offer. The purchase price will be the lowest price per share between US$4.25 and US$5.10 that enables Cardiome to purchase US$27.5 million of common shares. For further details on the terms and conditions of the Offer, please consult the Offer to Purchase and Circular, as amended by the Notice.
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