NASDAQ: CORV TSX: CORV
VANCOUVER, Jan. 28, 2020 /PRNewswire/ - Correvio Pharma
Corp. (Nasdaq: CORV) (TSX: CORV), ("Correvio" or the "Company")
announced today that it has received two written notifications from
The Nasdaq Stock Market LLC ("Nasdaq") notifying the Company that
it is not in compliance with the minimum bid price and the minimum
market value of listed securities requirements set forth in Nasdaq
Listing Rules for continued listing on the Nasdaq Capital
Market.
On January 24, 2020, Nasdaq sent
the Company a notification letter stating that the Company is
not in compliance with the minimum bid price per share for the
Company's ordinary shares. Nasdaq Listing Rule 5550(a)(2) requires
listed securities to maintain a minimum bid price of US$1.00 per share, and Nasdaq Listing Rule
5810(c)(3)(A) provides that a failure to meet the minimum bid price
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the closing bid price of the
Company's common shares for the 30 consecutive business days from
December 10, 2019, the Company no
longer meets the minimum bid price requirement. In accordance
with Nasdaq Listing Rule 5810(c)(3)(A), the Company has been
provided 180 calendar days, or until July
22, 2020, to regain compliance with Nasdaq Listing Rule
5550(a)(2). To regain compliance, the Company's common shares must
have a closing bid price of at least US$1.00 for a minimum of 10 consecutive business
days. In the event the Company does not regain compliance by
July 22, 2020, the Company may be
eligible for additional time to regain compliance or may face
delisting.
On January 27, 2020, Nasdaq sent
the Company a notification letter stating that the Company is
not in compliance with the minimum market value requirements set
forth in the Nasdaq Listing Rules. Nasdaq Listing Rule
5550(b)(2) requires companies to maintain a minimum market value of
US$35 million, and Nasdaq Listing
Rule 5810(c)(3)(C) provides that a failure to meet the market value
requirement exists if the deficiency continues for a period of 30
consecutive business days. Based on the market value of the Company
for the 30 consecutive business days from December 10, 2019 to January 24, 2020, the Company no longer meets the
minimum market value requirement. In accordance with Nasdaq Listing
Rule 5810(c)(3)(C), the Company has been provided 180 calendar
days, or until July 27, 2020, to regain compliance with Nasdaq
Listing Rule 5550(b)(2). To regain compliance, the Company's market
value must exceed US$35 million for a minimum of 10 consecutive
business days. In the event the Company does not regain compliance
by July 27, 2020, the Company may be eligible for additional time
to regain compliance or may face delisting.
The notification letters do not impact the Company's listing on
the Nasdaq Capital Market at this time. The Company intends to
monitor the closing bid price between now and July 22, 2020 and the market value of its common
shares between now and July 27, 2020
and intends to cure the deficiencies within the prescribed
compliance periods. The Company expects that its common shares will
continue to be listed and trade on the Nasdaq Capital Market during
these compliance periods.
The Company's business operations are not affected by the
receipt of the notification letters.
The Company is also listed on the Toronto Stock Exchange and the
notification letters do not affect the Company's compliance status
with such listing.
About Correvio Pharma Corp.
Correvio Pharma Corp. is a 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. 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). For more information, please visit
our web site www.correvio.com.
A 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 (collectively,
"forward-looking statements"). Forward-looking statements include
statements that may relate to our plans, objectives, goals,
strategies, future events, future revenue or performance, capital
expenditures, financing needs and other information that may not be
based on historical fact. Forward-looking statements can often be
identified by the use of terminology such as "believe", "may",
"plan", "will", "estimate", "continue", "anticipate", "intend",
"expect", "look forward to" and similar expressions.
Forward-looking statements are necessarily based on estimates and
assumptions made by us based on our experience and perception of
historical trends, current conditions and expected future
developments, as well as other factors we believe are
appropriate.
By their very nature, 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. These
forward-looking statements include, but are not limited to,
statements regarding the Company's plans to regain compliance with
the Nasdaq minimum bid price and minimum market value requirements
within the prescribed grace periods, the Company's possible
eligibility for additional time to regain compliance with such
requirements upon expiration of the prescribed compliance periods
and the Company's expectation that its common shares will continue
to be listed and trade on the Nasdaq Capital Market during the
prescribed compliance periods.
A detailed discussion of the risks and uncertainties facing
Correvio are discussed in the annual report and detailed from time
to time in our other filings with the Securities and Exchange
Commission ("SEC") available at www.sec.gov and the Canadian
securities regulatory authorities at www.sedar.com. In particular,
we direct your attention to Correvio's Annual Report on Form 40-F
for the year ended December 31, 2018
and its quarterly report filed November 14,
2019 for the third quarter of 2019. All of the risks and
uncertainties disclosed in those filings are hereby incorporated by
reference in their entirety into this news release.
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. In particular, in addition
to the specified criteria for continued listing, Nasdaq also has
broad discretionary public interest authority that it can exercise
to apply additional or more stringent criteria for the continued
listing of the Company's common shares, or suspend or delist
securities even if the securities meet all enumerated criteria for
continued listing on the Nasdaq Capital Market. The Nasdaq could
use this discretionary authority at any time to delist the
Company's common shares. There can be no assurance that Nasdaq will
not exercise such discretionary authority. In addition, there is no
assurance that the Company will be able to regain compliance with
the minimum bid price and minimum market value requirements prior
to expiration of the prescribed compliance periods, or if it does,
that the Company will be able to maintain such compliance as a
result of the risks and uncertainties described above. The Company
has no intention and undertakes no obligation to update or revise
any forward-looking statements beyond required periodic filings
with securities regulators, whether as a result of new information,
future events or otherwise, 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.
XydalbaTM 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.
Trevyent® is a trademark of SteadyMed Ltd., a subsidiary
of United Therapeutics Corporation and used under license.
All other trademarks are the property of their respective
owners.
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SOURCE Correvio Pharma Corp