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Cardiome Pharma Corp. reported Monday a third-quarter net loss $400,000, improved from a year-ago loss of $11.8-million as it recognized deferred revenue from a partnership with Merck & Co.

The loss amounted to 1 cent per share and compared with a year-earlier loss of 18 cents per share. Revenue rose to $21.1-million from $500,000 a year earlier.

The company recognized revenue on its books related to an up-front payment of $60-million (U.S.) and milestone payment of $15-million from Merck.

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Research and development expenditures were $10.3-million (Canadian), up from $8.5-million a year before.

Cardiome Pharma develops treatments for disorders of the heart and circulatory system.

Its shares were down one cent at 23 cents in early trading on the Toronto Stock Exchange.

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