Corvus Shares Surge After Positive Data From Early Stage Study On COVID-19 Treatment

Shares of Corvus Pharmaceuticals Inc. (CRVS) surged in the pre-market trading on Monday after the company unveiled positive results from an early stage study of its developing COVID-19 treatment.

In the pre-market trading, CRVS was trading at $6.08, up $2.01 or 49.39 percent.

The company noted that a new data from phase 1 study of CPI-006 continues to support its potential as a treatment for COVID-19. In addition, the results showed increased levels of memory B cells and memory T cells, and there have been no reports of any drug-related safety issues in any of the 15 patients treated as of September 17.

"We continue to see consistent, promising results with CPI-006 in hospitalized COVID-19 patients...We are also exploring the potential use in combination with preventative vaccines under development by third parties to enhance and prolong immunity," said Richard Miller,, president and chief executive officer of Corvus.

According to the company, the data indicated that B cell activation with CPI-006 stimulated robust and durable immune responses, and that those responses have been associated with induction of memory B and memory T cells.

The dose-response observed in the first two cohorts support the proposed mechanism of action of the drug and provide evidence of induction of high levels of antibodies with relatively low doses of CPI-006. The data supported continued evaluation of CPI-006 in this patient population, and potentially in outpatients with COVID-19 and in other infectious diseases.

The updated data includes 56-day follow-up results from the first two cohorts (0.3 mg/kg and 1.0mg/kg dose) and initial results from the third cohort (3.0 mg/kg) of the study.

As per the ongoing phase 1 study results, the 28-day and 56-day anti-SARS-CoV-2 antibody data for patients receiving 0.3 mg/kg (cohort 1) and 1.0 mg/kg (cohort 2) doses showed a dose-response with higher and more prolonged titers observed in the 1.0 mg/kg cohort compared to the 0.3 mg/kg cohort.

To-date, the first three cohorts of the study have been enrolled and the final cohort is currently enrolling patients.

The company said it continues to anticipate that it will complete the study and report results during the fourth quarter of 2020. The additional data is expected to be presented at the Society for Immunotherapy of Cancer or SITC annual meeting in November.

The company plans to initiate a pivotal, randomized, double blind study in hospitalized COVID-19 patients before year-end.

The open-label, Phase 1 study is expected to enroll up to 30 hospitalized COVID-19 patients with mild to moderate symptoms. Patients will receive a single dose of CPI-006, with levels of 0.3, 1.0, 3.0 and 5.0 mg/kg, escalating in four cohorts as the study progresses.

The company noted that the patients will receive medications, therapies, and interventions per standard treatment protocols for COVID-19 for the duration of the study. The primary efficacy endpoint is the change in serum immunoglobulin (IgM and IgG) anti-SARS-CoV-2 levels compared to baseline at day 28. The study also will examine safety and other clinical endpoints, including time to resolution of symptoms and duration of hospitalization.

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