Corvus Pharmaceuticals Completes Sale of $10 Million Through Its ATM Program

Rhea-AI Summary

Corvus Pharmaceuticals (NASDAQ:CRVS) announced the completion of a $10 million common share sale through its ATM program, with 3,564,228 shares sold to EcoR1 Capital and 35,714 shares to CEO Richard A. Miller at $2.80 per share. The settlement is set for May 6, 2021. This follows an effective shelf registration statement declared on March 19, 2020. Investors are encouraged to review the related prospectus available on the SEC's EDGAR database or by contacting Jefferies LLC directly. The company is focused on advancing its clinical programs, including CPI-006 and CPI-818.

Positive

• Completed $10 million share sale expands capital base.
• Engaged established investment firm EcoR1 Capital.
• CEO Richard A. Miller's participation may signal confidence.

Negative

• Dilutes existing shareholder equity with new share issuance.

BURLINGAME, Calif., May 05, 2021 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS), a clinical-stage biopharmaceutical company, today announced that it has completed the sale of approximately $10 million of its common shares pursuant to the Company’s ATM program established on March 9, 2020 through Jefferies LLC (“Jefferies”), acting as sales agent.

An aggregate of 3,564,228 new shares were sold to EcoR1 Capital, a fundamental biotechnology-focused investment advisory firm, and 35,714 new shares were sold to Richard A. Miller, the Company’s co-founder, president and chief executive officer, at an at-the-market price of $2.80 per share. It is anticipated that the settlement and delivery of the new shares will take place on May 6, 2021.

A shelf registration statement on Form S-3 relating to Corvus’ securities being sold was declared effective by the Securities and Exchange Commission on March 19, 2020. Before purchasing shares, prospective investors should read the prospectus supplement and the accompanying prospectus, together with the documents incorporated by reference therein. Prospective investors may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, a copy of the prospectus supplement (and accompanying prospectus) relating to the offering may be obtained from Jefferies LLC, 520 Madison Avenue, New York, NY 10022 or 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. 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. For more information, visit www.corvuspharma.com.

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

Media Contact:
Sheryl Seapy
Real Chemistry
+1-949-903-4750
sseapy@realchemistry.com

FAQ

What was the amount raised by Corvus Pharmaceuticals in the recent share sale?

Corvus Pharmaceuticals raised approximately $10 million from the sale of its common shares.

How many shares were sold in the Corvus Pharmaceuticals share sale?

A total of 3,599,942 shares were sold, including 3,564,228 shares to EcoR1 Capital and 35,714 shares to CEO Richard A. Miller.

What was the share price at which Corvus Pharmaceuticals sold its shares?

The shares were sold at an at-the-market price of $2.80 per share.

When is the settlement date for the share sale announced by Corvus Pharmaceuticals?

The settlement and delivery of the new shares are anticipated to take place on May 6, 2021.

What is the significance of the ATM program used by Corvus Pharmaceuticals?

The ATM program allows Corvus Pharmaceuticals to raise capital by selling shares at market prices, providing flexibility in funding operations.