Corvus Pharmaceuticals Inc. (NASDAQ: CRVS) has announced financial results for the quarter ending September 30, 2021, and offered a business update.
Corvus ended Q3 2021 with $76.3 million in cash and equivalents
The company had cash and equivalents of $76.3 million compared to $44.3 Million at the end of December 31, 2020. This increase resulted from $32 million in net proceeds from the sale of common shares through an underwritten offering.
Corvus CEO and Co-founder Richard Miller said, “Corvus is a leader in the development of precisely targeted therapies targeting the adenosine pathway. This includes mupadolimab, our anti-CD73 antibody, and ciforadenant, our small molecule antagonist of the adenosine A2A receptor.”
Miller stated, “We continue to advance mupadolimab with a focus on non-small cell lung cancer (NSCLC) and HPV positive (human papilloma virus) head and neck cancers (HNSCC). Two expansion cohorts in our Phase 1b/2 trial are enrolling patients with these tumors and we are evaluating treatment with a combination of mupadolimab and pembrolizumab. We believe mupadolimab is well positioned to potentially improve patient outcomes based on its mechanism of inhibiting immunosuppressive adenosine in the tumor microenvironment and by enhancing immune responses to the tumor. Its novel immune enhancing properties are based on its known B cell stimulating activities, which have been observed in our cancer and COVID-19 clinical trials.”
Corvus expanding its oncology programs
The company is expanding its oncology programs, including its partner Angel Pharmaceuticals, which was recently given IND approval notice to commence Phase 1/1b clinical development of CPI-818 in T cell lymphomas treatment.
Corvus is advancing mupdolimab, CPI818, and ciforadenant clinical programs in its pipeline. Enrolment is already complete for Head and neck cancer and NSCLC patients in the Phase 1/1b trial of mupadolimab combination with ciforadenant. In addition, in September, Corvus started enrolment in Phase 1b/2 clinical study in relapsed/refractory NSCLC patients that have previously failed anti-PD(L)-1 therapy and chemotherapy.