Stock Alert: Correvio Pharma Shares Soar 33% In Pre-Market

(RTTNews) - Shares of Correvio Pharma Corp. (CORV) are surging above 30% in pre-market today, after the company announced partnership with Hong Kong Teson Pharma Ltd. for the commercialization of Aggrastat in China.

Aggrastat is Correvio's marketed asset for the reduction of thrombotic cardiovascular events in patients with acute coronary syndrome or ACS.

Under the terms of the agreement, Correvio would receive a one-time upfront payment of $3.0 million from Teson. Upon Teson's first receipt of product, which is anticipated to occur in the third quarter of 2020, Correvio is eligible to receive up to an additional $0.5 million. In exchange, Teson would receive exclusive rights to commercialize Aggrastat in the agreed to territories, at its own cost and expense. Additional terms of the agreement remain undisclosed.

The stock has been trading between $0.21 and $4.44 in the past one year, and closed Monday's trade at $0.38, up $0.07 or 16.21%. Trading volume soared to 4.99 million versus an average volume of 7.12 million shares. CORV is currently trading at $0.51, up 13 cents of 33.16% in