Corvus Pharmaceuticals Inc. (NASDAQ:CRVS) expects to raise $67.8 million in its upcoming IPO. Based in Burlingame, California, Corvus Pharmaceuticals is a clinical stage biopharmaceutical company focused on the development and marketing of immune-based cancer treatments.
We previewed CRVS on our IPO Insights platform.
CRVS will offer 4.7 million shares at an expected price range of $15 to $17.
CRVS filed for the IPO on January 4, 2016.
Lead Underwriters: Cowen & Co., and Credit Suisse Securities
Underwriters: BTIG LLC, Cantor Fitzgerald, and Guggenheim Securities
Business Summary: Biopharmaceutical Company Developing Cancer Treatments
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Corvus Pharmaceuticals is a clinical stage biopharmaceutical company that is developing cancer treatments designed to utilize the patient’s own immune system to attack cancer cells. Its lead product candied is CPI-444, which is an oral, small molecule antagonist. The candidate is planning to initiate Phase 1/1b clinical trials for adenosine, which is an immune checkpoint.
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In January 2016, Corvus Pharmaceuticals began enrolling patients in an expansion trial for CPI-444, and this trial will test the safety, tolerability, efficacy and biomarkers in several types of solid tumors. The trial will investigate the drug as a single agent and in combination with an investigational cancer immunotherapy treatment by Genentech.
The company is developing immune-oncology therapies that are aimed at improving upon current immune-oncology treatments. This type of research represents a breakthrough in certain cancer treatments. Immuno-oncology therapies utilize a patient’s own immune system to stop the growth of cancer cells. Patients have immune cells called T-cells that fight disease, and these cells generally recognize cancer cells as foreign and attack them. However, some cancer cells have certain capabilities to block the visibility of T-cells. Immuno-oncology therapies seek to address this issue.
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