Correvio Pharma Corp (NASDAQ: CORV) was one of the biggest losers in Friday’s session. It gapped down and closed the day with a loss of 39.81%. This followed news that FDA staffers had stated the benefits of the company’s heart treatment did not outweigh the risks. The treatment, Brinavess, has already been approved in a number of countries in Canada and Europe, and is designed to rectify erratic heart rhythm caused by AFib.
AFib is a heart problem that can cause stroke and affects about 2.7 million to 6.1 million people annually in the U.S. According to the FDA staffers, while the treatment has shown significant benefits, it also has an equally high number of risks. These include an irregular heartbeat in the heart’s lower chamber, low blood pressure, and even has a risk of death. On top of that, the FDA stated that, the company had not provided sufficient reassurances on managing risks triggered by the drug.
Nonetheless, an independent panel of experts from the FDA will hold a meeting on Tuesday next week to vote on the drug. This will be a major influence on the decision on the treatment that will be announced on the 24th of December.
This is not the first time that the FDA is ruling adversely against this treatment. In 2006, the agency declined to approve it, and even put its trials on hold. This was after a patient who had no heart issues died after they were administered with the drug. That hold has never been lifted.
From the charts, CORV gapped down in Friday’s session. It traded between highs of $1.71 and lows of $1.27 before closing the day at $1.30. Volumes in the day stood at 14.86 million.
About Correvio Pharma Corp
Correvio Pharma Corp is a pharmaceutical company that focuses on developing therapies for various health conditions, and one of its lead products is Brinavess. The company has its headquarters in Vancouver, Canada.