Corvus Pharmaceuticals announces $150 million public offering

Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) announced it has commenced an underwritten public offering of $150 million of common stock and pre-funded warrants, according to a company statement.

The clinical-stage biopharmaceutical company plans to sell shares of common stock and, for certain investors, pre-funded warrants to purchase common stock shares. Corvus expects to grant underwriters a 30-day option to purchase up to an additional $22.5 million of shares at the public offering price less underwriting discounts and commissions.

The company stated it expects to use net proceeds for working capital and general corporate purposes, including capital expenditures and research and development. Specific uses may include funding for Phase 3 T cell lymphoma trials and Phase 2 clinical trials for atopic dermatitis, hidradenitis suppurativa and asthma, as well as sales, marketing and administrative expenses.

Jefferies and Goldman Sachs & Co. LLC serve as lead book-running managers for the offering. Mizuho acts as bookrunner, while Ladenburg Thalmann serves as co-manager.

The offering operates under a shelf registration statement on Form S-3 that the Securities and Exchange Commission declared effective on August 15, 2024. The company filed a preliminary prospectus supplement and accompanying prospectus with the SEC on January 20.

The offering remains subject to market and other conditions. The company noted no assurance exists regarding whether or when the offering may be completed or the actual size or terms of the final offering.

Corvus Pharmaceuticals develops ITK inhibition therapies for immune diseases and cancer. The company's lead product candidate is soquelitinib, an oral small molecule drug currently in Phase 3 trials for relapsed/refractory PTCL and Phase 1 trials for atopic dermatitis treatment.

You May Also Be Interested In

• Intelligent Bio Solutions raises $5M in private placement
• TXNM Energy prices $400 million stock offering at $56.50 per share
• S&P Global completes sale of energy software portfolio to SLB