Correvio Pharma Corp. raised $13.8 million from an underwritten public offering of its common shares.
The company sold 9.2 million common shares, including the full exercise of the underwriter's overallotment, at $1.50 apiece.
The Vancouver, Canada-based company intends to use the net proceeds for future product launches, including the new drug application for Brinavess, business development opportunities and to meet the minimum liquidity requirements under the loan agreement with CRG Servicing LLC. The remaining proceeds will be used for general corporate purposes.
Cantor Fitzgerald & Co. was the book-running manager, while H.C. Wainwright & Co. was the financial adviser for the offering.