Corvus Pharmaceuticals Announces Proposed Public Offering of Common Stock

BURLINGAME, Calif., March 07, 2018 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that precisely target crucial enzymes and proteins in the immune system to treat patients with cancer, today announced that it has commenced an underwritten public offering of up to $50.0 million shares of its common stock. All of the shares to be sold in the offering will be offered by Corvus. In addition, Corvus expects to grant the underwriters of the offering a 30-day option to purchase up to an additional $750,000 of shares of common stock at the public offering price, less underwriting discounts and commissions. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering.

Corvus currently expects to use the net proceeds from this offering to fund its ongoing clinical development of CPI-444, initiate a Phase 1/1b clinical trial of CPI-006, research and development of its ITK program, and any remaining proceeds for working capital and general corporate purposes, including research and development of its additional product candidates.

Credit Suisse and Jefferies are acting as joint bookrunning managers for the offering. Guggenheim Securities is acting as lead manager and Wedbush PacGrow is acting as co-manager.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on June 9, 2017. The offering of these securities is being made only by means of a prospectus, copies of which may be obtained from: Credit Suisse Securities (USA) LLC, Attn: Prospectus Dept., One Madison Avenue, New York, NY 10010, by telephone at 800-221-1037 or by email at newyork.prospectus@credit-suisse.com; or Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that precisely target crucial enzymes and proteins in the immune system to treat patients with cancer. Corvus’ lead product candidate, CPI-444, a small molecule inhibitor of the A2A receptor, is currently being evaluated in a multicenter Phase 1/1b clinical trial in patients with various solid tumors. This successive expansion cohort trial is examining the activity of CPI-444 both as a single agent and in combination with Genentech’s Tecentriq, an anti-PD-L1 antibody. Corvus is conducting the trial with Genentech, a member of the Roche Group, under a clinical trial collaboration the two companies entered into in October 2015. CPI-444 in combination with Tecentriq is also being evaluated in a Phase 1b/2 randomized control trial in non-small cell lung cancer conducted by Genentech.

Tecentriq® is a registered trademark of Genentech.

Investor Contact:
Guillermo Elias, Ph.D.
Director, Business Development
Corvus Pharmaceuticals, Inc.
+1-650-900-4511
GElias@corvuspharma.com

Media Contact:
Julie Normart, W2O Group
415-946-1087
jnormart@w2ogroup.com

Source:Corvus Pharmaceuticals, Inc.