Corvus Pharmaceuticals Announces Closing of Public Offering of Common Stock

Rhea-AI Summary

Corvus Pharmaceuticals (NASDAQ:CRVS) completed an underwritten public offering of 9,783,660 shares at $3.50 per share, raising gross proceeds of $34.2 million. This includes 1,212,231 shares from underwriters’ partial exercise of their option. The net proceeds for Corvus stand at approximately $31.8 million after expenses. Cantor Fitzgerald & Co. and H.C. Wainwright & Co. are the joint book-running managers for the offering. The shares' offering was made under an effective registration statement with the SEC.

Positive

• Gross proceeds from the offering total $34.2 million.
• Net proceeds amount to approximately $31.8 million, enhancing the company's financial position.

Negative

• Potential dilution of shares for existing investors due to the public offering.

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.

A shelf registration statement on Form S-3 relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on March 19, 2020. The offering of these securities is being made only by means of a prospectus forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement and accompanying prospectus relating to the offering may be obtained from: Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022 or by email at prospectus@cantor.com or H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at (646) 975-6996 or by email at placements@hcwco.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. Corvus’ lead product candidate is CPI-006, a humanized monoclonal antibody directed against CD73 that has exhibited immunomodulatory activity and activation of immune cells in preclinical studies. CPI-006 is being evaluated in a Phase 3 clinical trial for the treatment of hospitalized patients with COVID-19 and in a multicenter Phase 1/1b oncology clinical trial as a single agent, in combination with ciforadenant and pembrolizumab. The Company’s second clinical program, CPI-818, is an investigational, oral, small molecule drug that selectively inhibited ITK in preclinical studies, and is in a multicenter Phase 1/1b clinical trial in patients with several types of T-cell lymphomas. Its third clinical program, ciforadenant (CPI-444), is an oral, small molecule inhibitor of the A2A receptor.

Investor Contact:
Leiv Lea
Chief Financial Officer
Corvus Pharmaceuticals, Inc.
+1-650-900-4522
llea@corvuspharma.com

Media Contact:
Sheryl Seapy
W2O pure
+1-213-262-9390
sseapy@purecommunications.com

FAQ

What was the purpose of the Corvus Pharmaceuticals public offering on February 17, 2021?

The offering aimed to raise funds for the company, totaling gross proceeds of $34.2 million.

How many shares did Corvus Pharmaceuticals sell in its recent offering?

Corvus Pharmaceuticals sold 9,783,660 shares in the public offering.

What price per share was set for the Corvus Pharmaceuticals stock offering?

The public offering price was set at $3.50 per share.

Who managed the Corvus Pharmaceuticals stock offering?

Cantor Fitzgerald & Co. and H.C. Wainwright & Co. acted as joint book-running managers.

What are the potential impacts of the Corvus Pharmaceuticals stock offering on existing shareholders?

The offering could lead to dilution of shares for existing shareholders.