Corvus Pharma - In The Race To Fight Viral Variants

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Given the rising number of daily coronavirus cases in some countries, the emergence of new variants, and waning immunity, it is for sure that COVID-19 will be an ongoing global public health concern. As of this writing, 155.3 million cases have been reported across the world, with the death tally crossing 3.24 million.

The stock we are bringing to your attention today is that of Corvus Pharmaceuticals Inc. (CRVS), which is developing an antibody for patients with mild to moderate COVID-19.

The drug candidate in focus is CPI-006, an antibody that activates B cells to enhance humoral immunity to viruses, cancer cells and potentially other pathogens.

CPI-006 is under a phase III trial in mild to moderately symptomatic hospitalized COVID-19 patients. The study is designed to enroll about 1,000 patients, with the enrollment expected to be completed in the fourth quarter of this year. The primary endpoint of the study is the proportion of patients that progress to requiring mechanical ventilation or death within 28 days of dosing. The study includes an interim safety and futility analysis, the results of which can be expected towards the end of the second quarter.

According to the company, CPI-006 is designed to enhance anti-SARS-CoV-2 antibodies to any viral variant, potentially improve long term immunity and protection from re-infection, accelerate viral clearance and reduce the risk of spreading, increase cross-protection to mutants of SARS-COV-2 and other coronaviruses, and potential to be foundational therapy for treatment or prevention of other infectious diseases.

CPI-006 is also being evaluated in a phase 1/1b study for advanced cancer.

Also in the pipeline are CPI-818 for T cell lymphoma and Ciforadenant as first-line therapy for metastatic renal cell cancer.

A phase II clinical trial of CPI-818 for the treatment of refractory T cell lymphomas is expected to be initiated in China in late 2021 by Angel Pharmaceuticals, a wholly-owned subsidiary of Corvus.

The company plans to collaborate with the Kidney Cancer Consortium to initiate a phase II trial of Ciforadenant in first-line therapy for metastatic renal cell cancer in combination with Merck's Keytruda and Eisai Co. Ltd.'s Lenvima.

Cash position:

Corvus had cash, cash equivalents and marketable securities totaling $68.0 million as of March 31, 2021. Yesterday, the company completed the sale of approximately $10 million of its common shares pursuant to its 'at-the-market offering program' established on March 9, 2020 through Jefferies LLC , acting as sales agent.

Corvus went public on the NASDAQ Global Market on March 23, 2016, offering its shares at a price of $15 each. The stock has traded in a range of $2.51 to $6.88 in the last 1 year. CRVS is currently trading at $2.94, up 2.44%.

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