NASDAQ: CORV
TSX: CORV
VANCOUVER and HONG KONG, March 10,
2020 /PRNewswire/ - Correvio Pharma Corp. (NASDAQ:
CORV) (TSX: CORV), a specialty pharmaceutical company focused on
commercializing hospital drugs, and Hong Kong Teson Pharma Limited
(Teson), a privately-held pharmaceutical company, today announced
that Correvio International Sàrl, a wholly owned subsidiary of
Correvio, and Teson have entered into an exclusive agreement for
the commercialization of Aggrastat® (tirofiban
hydrochloride). The agreement covers the territories of mainland
China (excluding Taiwan and Hong
Kong) and Macau. Aggrastat® is Correvio's
marketed asset for the reduction of thrombotic cardiovascular
events in patients with acute coronary syndrome (ACS).
Under the terms of the agreement, Correvio will receive a
one-time upfront payment of $3.0
million (USD) from Teson. Correvio is then eligible to
receive up to an additional $0.5
million (USD) upon Teson's first receipt of product, which
is anticipated to occur in the third quarter of 2020. In
exchange, Teson will receive exclusive rights to commercialize
Aggrastat in the agreed to territories, at its own cost and
expense. Additional terms of the agreement were not
disclosed.
"This agreement with Correvio brings to our pipeline a
high-value, commercial-stage asset with a cardiovascular focus and
the potential to help a great number of patients in China and Macau," said Ethan
Zeng, General Manager of Teson. "We are delighted to
partner with Correvio, a pioneering specialty pharmaceutical
company with a strong track record in commercializing hospital
drugs across the globe, and we believe this transaction underscores
our strong focus on and commitment to healthcare innovation.
At Teson, our goal is to become a market leader in commercializing
innovative therapies that address unmet medical needs in the
Asia Pacific region."
"Teson is dedicated to commercializing novel, cutting-edge
therapies and they have strong sales and marketing expertise and
capabilities in China and
Macau," said Mark H.N. Corrigan, MD, Chief Executive Officer
of Correvio. "This new strategic alliance adds to Correvio's
growing list of world-class partners who are actively marketing our
novel hospital drugs in important global markets. We look
forward to working with Teson and we believe there is no company
better suited to maximize the commercial potential of Aggrastat in
the licensed territories."
About Acute Coronary Syndromes
Acute Coronary Syndromes (ACS) is a term that refers to a
variety of conditions consistent with acute myocardial ischemia
and/or infarction that are usually due to an abrupt reduction in
coronary blood flow1. The ACS spectrum includes patients
with ST-elevation myocardial infarction (STEMI) and
non-ST–elevation ACS (NSTE-ACS), which is comprised of non-STEMI
(NSTEMI) and unstable angina. The Thrombus (i.e. blood clot that
forms inside a blood vessel or chamber of the heart) formation
reduce blood flow in the affected coronary artery and cause
ischemic chest pain1. Research from Datamonitor
estimates that in 2013, >880,000 persons in the US experienced
an ACS event, while in the major five EU markets, this figure was
>650,0002. Furthermore, the number of ACS incidences
is expected to grow nearly 40% by 20332. Approximately
70,000 acute myocardial infarctions occur each year in Canada and some 19,000 Canadians die from this
condition3.
More About AGGRASTAT®
Aggrastat® (tirofiban hydrochloride, or HCl) is an
intravenous (IV) non-peptidal antagonist of the glycoprotein (GP)
IIb/IIIa receptor, an important platelet surface receptor involved
in platelet aggregation. Aggrastat, in combination with heparin and
acetylsalicylic acid (ASA), is currently approved in Canada for the management of patients with
unstable angina or non-Q-wave myocardial infarction, including
patients who may subsequently undergo PCI to decrease the rate of
refractory ischemic conditions, new myocardial infarction and
death. By blocking fibrinogen from binding to the GP IIb/IIIa
receptor, Aggrastat prevents the crosslinking of platelets, which
is the basis for platelet aggregation. Aggrastat is
commercialized in 60 countries worldwide, either by Correvio or via
its extensive distributor and partner network.
About Hong Kong Teson Pharma Limited
Hong Kong Teson Pharma Limited is a privately-held
pharmaceutical company in Hong Kong,
China, focusing on commercializing innovative and
cutting-edge therapies and medications to address the unmet medical
needs in the Asia Pacific region.
With its strong sales and marketing expertise and capabilities and
its nationwide commercial presence and distribution network, Teson
is specialized in marketing and commercializing the Cardiovascular
and CNS brands & generics across China, among others.
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.
References
- Amsterdam EA et al. 2014 AHA/ACC guideline for the management
of patients with non–ST-elevation acute coronary syndromes: a
report of the American College of Cardiology/American Heart
Association Task Force on Practice Guidelines. J Am Coll Cardiol.
2014;64:e139–228.
- Datamonitor. Acute Coronary Syndrome: Epidemiology.
October 2014.
- Fitchett DH et al. Assessment and Management of Acute Coronary
Syndromes (ACS): A Canadian Perspective on Current
Guideline-Recommended Treatment – Part 1: Non-ST–Segment Elevation
ACS Can J Cardiol 2011; 27:S387–S401
Correvio's 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 relating to the ability of Teson to sell Aggrastat in
the territories. In particular, no statement herein should be
understood to mean: (i) that there will be a first delivery of
Aggrastat to Teson in the third quarter of 2020, or when that first
delivery will occur, or (ii) that Teson will turn out to be well
suited to maximize the commercialization of Aggrastat in the
territories.
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
certainties 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. 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. Investors are cautioned that forward-looking
statements are not guarantees of future performance and accordingly
investors are cautioned not to put undue reliance on
forward-looking statements due to their inherent uncertainty.
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.
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