NASDAQ: CORV TSX: CORV
VANCOUVER, Jan. 17, 2019 /PRNewswire/ - Correvio Pharma
Corp. (NASDAQ: CORV) (TSX: CORV), a revenue-generating, specialty
pharmaceutical company focused on commercializing hospital drugs,
today announced the completion of sales of all common shares
qualified under its ATM Prospectus Supplement (defined below). The
Company's at-the-market sales issuance agreement, dated
July 10, 2018, between the Company
and B.Riley FBR, Inc., as agent, continues in force. However, the
Company has no present intention to file a new prospectus
supplement to qualify the sale of additional common shares pursuant
to the sales agreement.
The common shares were sold by way of a prospectus supplement
(the "ATM Prospectus Supplement") to the Company's Canadian final
base shelf prospectus and U.S. final base shelf prospectus, filed
under a registration statement on Form F-10, each dated
July 5, 2018 (together, the "Base
Shelf Prospectuses"). The approximately 4.3 million common shares
were sold at an average price of US$2.71 per share, resulting in net proceeds to
the Company of approximately US$11.5
million. Based on its current operating plan, the Company
expects that the net proceeds, combined with its existing cash,
provides it with sufficient capital to operate its business through
the submission and U.S. Food and Drug Administration review of the
Brinavess® new drug application filing. Copies of the
ATM prospectus supplements (together with the related Base Shelf
Prospectuses) may be obtained from Correvio by submitting a request
to Correvio Investor Relations at 1441 Creekside Drive,
6th Floor, Vancouver,
BC Canada, V6J 4S7 or under
the Company's profile on SEDAR at www.SEDAR.com or on EDGAR at
www.sec.gov.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale, of
the Company's common shares in any jurisdiction in which an offer
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
About Correvio Pharma Corp.
Correvio Pharma Corp. is a revenue-generating, specialty
pharmaceutical company focused on providing innovative,
high-quality brands that meet the needs of acute care physicians
and patients. With a commercial presence and distribution network
covering over 60 countries worldwide, Correvio develops, acquires
and commercializes brands for the in-hospital, acute care market
segment. The Company's portfolio of approved and marketed brands
includes: Xydalba™ (dalbavancin hydrochloride), for the
treatment of acute bacterial skin and skin structure infections
(ABSSSI); Zevtera®/Mabelio® (ceftobiprole
medocaril sodium), a cephalosporin antibiotic for the treatment of
community- and hospital-acquired pneumonia (CAP, HAP);
Brinavess® (vernakalant IV) for the rapid conversion of
recent onset atrial fibrillation to sinus rhythm;
Aggrastat® (tirofiban hydrochloride) for the reduction
of thrombotic cardiovascular events in patients with acute coronary
syndrome, and Esmocard® and Esmocard Lyo®
(esmolol hydrochloride), a short-acting betablocker used to control
rapid heart rate in a number of cardiovascular indications.
Correvio's pipeline of product candidates includes
Trevyent®, a drug device combination that is designed to
deliver treprostinil, the world's leading treatment for pulmonary
arterial hypertension. Correvio is traded on the Nasdaq Capital
Market (CORV) and the Toronto Stock Exchange (CORV).
Forward-Looking Statement Disclaimer
Certain statements in this news release contain forward-looking
statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995 or forward-looking information under
applicable Canadian securities legislation ("forward-looking
statements") that may not be based on historical fact, including
without limitation statements containing the words "may",
"continue", "expect" and similar expressions. Forward-looking
statements may involve, but are not limited to, statements
regarding at-the-market offerings, including the Company's
intentions with respect to the filing of further prospectus
supplements, the intended use of proceeds from the sales of common
shares under the ATM Prospectus Supplement, the sufficiency of
capital under the Company's operating plan and the timing of the
U.S. Food and Drug Administration's determination with respect to
the new drug application filing for Brinavess®
(vernakalant IV). Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the
actual results, events or developments to be materially different
from any future results, events or developments expressed or
implied by such forward-looking statements. All of the risks and
certainties disclosed in these filings are hereby incorporated by
reference in their entirety. While Correvio makes these
forward-looking statements in good faith, given these risks,
uncertainties and factors, you are cautioned not to place undue
reliance on any forward-looking statements made in this press
release. All forward-looking statements made herein are based on
our current expectations and we undertake no obligation to revise
or update such forward-looking statements to reflect subsequent
events or circumstances, except as required by law.
Correvio® and the Correvio Logo are the proprietary
trademarks of Correvio Pharma Corp.
Aggrastat® and Brinavess® are trademarks
owned by Correvio and its affiliates worldwide.
Xydalba™ is a trademark of Allergan Pharmaceuticals
International Limited, and used under license.
Zevtera® and Mabelio® are trademarks owned by
Basilea Pharmaceutica International Ltd., and used under
license.
Esmocard® and Esmocard Lyo® are trademarks
owned by Orpha-Devel Handels und Vertriebs GmbH, and used under
license.
Trevyent® is a trademark of SteadyMed Ltd. and used
under license.
All other trademarks are the property of their respective
owners.
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SOURCE Correvio Pharma Corp