Corvus Pharma Releases Expected Pricing Range in IPO

By Chris Lange Updated Jan 13, 12:03PM EST · Published Mar 11, 10:45AM EST

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Corvus Pharma Releases Expected Pricing Range in IPO — © Thinkstock

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.
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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.

About the Author Chris Lange →

Chris Lange is a writer for 24/7 Wall St., based in Houston. He has covered financial markets over the past decade with an emphasis on healthcare, tech, and IPOs. During this time, he has published thousands of articles with insightful analysis across these complex fields. Currently, Lange's focus is on military and geopolitical topics.

Lange's work has been quoted or mentioned in Forbes, The New York Times, Business Insider, USA Today, MSN, Yahoo, The Verge, Vice, The Intelligencer, Quartz, Nasdaq, The Motley Fool, Fox Business, International Business Times, The Street, Seeking Alpha, Barron’s, Benzinga, and many other major publications.

A graduate of Southwestern University in Georgetown, Texas, Lange majored in business with a particular focus on investments. He has previous experience in the banking industry and startups.