Corvus Pharmaceuticals, Inc. (CRVS), a clinical-stage biopharmaceutical company, announced that it has initiated a public offering of $150 million of shares of its common stock, including pre-funded warrants of its common stock, for certain investors.
In addition, Corvus expects to grant the underwriters a 30-day option to purchase up to an additional $22.50 million of shares of common stock at the public offering price, less underwriting discounts and commissions.
In overnight trading, CRVS is down 8.92% at $19.50.
Corvus currently expects to use the net proceeds from this offering for capital expenditures, research and development of its Phase 3 T cell lymphoma and Phase 2 atopic dermatitis, hidradenitis suppurativa, and asthma clinical trials, and sales, marketing, and administrative expenses.
Jefferies and Goldman Sachs & Co. LLC are acting as lead book-running managers for the offering.
The Company's lead product candidate, Soquelitinib, is being evaluated in a registration Phase 3 clinical trial for relapsed/refractory PTCL and in a Phase 1 clinical trial for the treatment of atopic dermatitis.
On Tuesday, Corvus announced positive results from Cohort 4 of its placebo-controlled Phase 1 clinical trial evaluating Soquelitinib, in patients with moderate-to-severe atopic dermatitis.
Following the news, CRVS surged 165.96% and closed Tuesday's trading at $21.41.
Over the year CRVS traded in a range of $2.54 and $22.10.
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