Daily News: March 13, 2019

CRG Provides $10MM Upsize to Correvio Term Loan

Correvio Pharma amended its existing agreement with CRG Servicing to provide for an increase in capital. Under the terms of the amendment, Correvio is now eligible to receive up to an additional $10 million.

The amendment also requires Correvio to pay a small access fee to CRG.

The additional funding may be drawn at Correvio’s discretion in increments of $2.5 million through September 30, 2019 and will include a prepayment premium associated with any such draw-down.

“This amended credit facility provides important non-dilutive, near-term capital as well as greater financial flexibility to achieve our corporate objectives this year,” said William Hunter, MD, CEO of Correvio. “Based on our current operating plan, the net proceeds from CRG, combined with our existing cash, provide us with enough capital to get an answer from the U.S. Food and Drug Administration on the Brinavess new drug application. Should the FDA accept our submission, these additional funds provide us with cash resources and allows us to prepare for the Brinavess product launch in the U.S. in early 2020.”

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