Correvio might look for buyer after FDA panel shoots down heart drug

Correvio Pharma Corp could hunt for a potential buyer now that its pivotal heart drug is not likely to win FDA approval. 

Earlier this week, an FDA expert advisory panel failed to recommend approval of Cerrevio’s treatment for trial fibrillation called Brinavess. The panel said the drug could pose serious side effects. The FDA is not required to follow the panel’s advice, but it usually does.

News of the FDA setback sent shares for Correvio tumbling and now the company is exploring alternatives. Correvio, which has about 138 employees, said it has teamed up with Piper Jaffray, an investment and asset management firm, to explore its options. The company said it may also streamline its North America operations but did not specify if such a move would involve job cuts.

Read the full Reuters report.