Ok so Corvus did a secondary and better yet the CEO bought in. Two positives!
BURLINGAME, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company, today announced the completion of its previously announced underwritten public offering of 9,783,660 shares of its common stock, which includes 1,212,231 shares of common stock pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, at a price to the public of $3.50 per share. All shares in the offering were sold by Corvus, with gross proceeds to Corvus of $34.2 million and net proceeds of approximately $31.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Cantor Fitzgerald & Co. and H.C. Wainwright & Co. are acting as joint book-running managers for the offering.
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Corvus Pharmaceuticals Initiates Phase 3 Clinical Trial of CPI-006 for Patients with COVID-19
Novel immunotherapy approach designed to stimulate immune response by activating B cells to enhance polyclonal antibody production and potentially reduce hospitalization and progression to respiratory failure
This was the thought before the capital raise...
Summary
BURLINGAME, Calif., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company, today announced the completion of its previously announced underwritten public offering of 9,783,660 shares of its common stock, which includes 1,212,231 shares of common stock pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, at a price to the public of $3.50 per share. All shares in the offering were sold by Corvus, with gross proceeds to Corvus of $34.2 million and net proceeds of approximately $31.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.
Cantor Fitzgerald & Co. and H.C. Wainwright & Co. are acting as joint book-running managers for the offering.
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Corvus Pharmaceuticals Initiates Phase 3 Clinical Trial of CPI-006 for Patients with COVID-19
Novel immunotherapy approach designed to stimulate immune response by activating B cells to enhance polyclonal antibody production and potentially reduce hospitalization and progression to respiratory failure
This was the thought before the capital raise...
Summary
- Corvus is a small biotech targeting the adenosine cancer pathway with two assets in clinical development, with a credible path to approval for its A2A Receptor Antagonist.
- The company is prioritizing development of its CD73 candidate, CPI-006 as a COVID-19 treatment and hopes to initiate a pivotal Phase 3 trial this year based on solid data.
- Shares trade at $3.7 and Corvus' market cap is just $104m, despite its diversified portfolio of assets.
- An experienced management team adds weight to the thesis that the company may be significantly undervalued.
- With little cash, a development partner would be welcome.
