Correvio Pharma surges on Nasdaq as it completes share sale; continues to advance heart drug

Shares in Correvio Pharma Corp (NASDAQ:CORV) surged over 26% Thursday in New York as it revealed it had netted around US$11.5 million from a share sale.

The Vancouver-based company now reckons it has enough cash to operate through the submission and U.S. Food and Drug Administration review of its new drug application filing for Brinavess.

READ: Correvio Pharma shares surge after preliminary test results in Europe on heart medication

Around 4.3 million shares were sold at an average price of US$2.71 each, resulting in net proceeds of around US$11.5 million.

Correvio is a specialty pharmaceutical company focused on commercializing hospital drugs.

Brinavess is used for treating atrial fibrillation, which is an irregular and often rapid heart rate that can increase the risk of stroke, heart failure and other complications.

Last September, the company reported safety data from a European study of the drug called Spectrum, where around 2,000 treatment episodes were reported by 53 hospitals in the European Union

Kiran Bhirangi, Correvio’s vice-president for Clinical Development and Medical Affairs, had said: “In Spectrum, normal heart rhythm was restored in over 70% of patients at a median time of 11 minutes, HOIs (health outcomes of interest) were observed in 0.8% (17) of patients, and there were no deaths.”

HOIs are defined as significant hypertension or irregular heartbeats.

Shares in Correvio on Nasdaq added 26.49% to US$2.88.

Contact Giles at [email protected]

Story by ProactiveInvestors