Health and Healthcare
Corvus Pharma Releases Expected Pricing Range in IPO
Published:
Last Updated:
Corvus Pharmaceuticals has filed an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company expects to price its 4.7 million shares in the range of $15 to $17 per share, there is an overallotment option for an additional 705,000 shares. At the maximum price, the entire offering is valued up to $91.89 million. The company intends to list on the Nasdaq Global Market under the symbol CRVS.
The underwriters for the offering are Credit Suisse, Cowen, Guggenheim Securities, Cantor Fitzgerald and BTIG.
This clinical stage biopharmaceutical company is focused on the development and commercialization of novel immuno-oncology therapies that are designed to harness the immune system to attack cancer cells. Since the company began operations in November 2014, it has built a pipeline of four immuno-oncology programs, three of which focus on the adenosine-cancer axis to modulate an immune response.
The lead product candidate, CPI-444, is an oral, small molecule antagonist of the A2A receptor for adenosine, an immune checkpoint. Corvus plans to begin a large expansion cohort trial for CPI-444 in the first quarter of 2016. This Phase 1/1b clinical trial is designed to examine safety, tolerability, biomarkers and preliminary efficacy of CPI-444 in several solid tumor types, both as a single agent and in combination with Genentech’s investigational cancer immunotherapy, atezolizumab, a fully humanized monoclonal antibody targeting PDL-1.
The company has a lead development candidate for its second program, an anti-CD73 monoclonal antibody that inhibits the production of adenosine, and it plans to select development candidates for its other two programs in 2016. Corvus believes the breadth and status of its pipeline demonstrates the management team’s expertise in understanding and developing immuno-oncology assets, as well as in identifying product candidates that can be in-licensed and further developed internally to treat many types of cancer.
Corvus intends to use the proceeds from this offering to develop its pipeline, as well as for working capital and general corporate purposes.
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
