Corvus Pharmaceuticals has registered an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). No pricing details were given in the filing, but the offering is valued up to $115 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.
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The company has a lead development candidate for its second program, an anti-CD73 monoclonal antibody that inhibits the production of adenosine, and 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.
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