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Correvio closes $11.5M offering to fund heart drug application in US

Correvio Pharma Corp. raised $11.5 million in net proceeds from the sale of 4.3 million shares at an average price of $2.71 each.

The specialty pharmaceutical company, which is focused on commercializing hospital drugs, said the cash will help fund its operating expenses as it refiles an application for its cardiac drug Brinavess in the U.S.

Brinavess is indicated for the treatment of rapid conversion of recent onset atrial fibrillation to sinus rhythm, also known as a cardiac rhythm. Atrial fibrillation starts as brief periods of abnormal heartbeat and increases in duration over time, leading to stroke and other complications.

Brinavess is authorized for marketing in 40 countries outside the U.S.

B. Riley FBR Inc. acted as agent in the offering.