Corvus Pharmaceuticals Provides Business Update and Reports First Quarter 2021 Financial Results
BURLINGAME, Calif., April 29, 2021 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq: CRVS), a clinical-stage biopharmaceutical company, today provided a business update and reported financial results for the first quarter ended March 31, 2021.
“In the first quarter we initiated our registration Phase 3 clinical trial evaluating our B cell activating antibody, CPI-006, in hospitalized patients with COVID-19 and several sites are now enrolling patients,” said Richard A. Miller, M.D., co-founder, president and chief executive officer of Corvus. “It is apparent that COVID-19 will be an ongoing global public health concern, with cases rising in some countries, the emergence of new variants, and waning immunity. To address this, we are working with U.S. and international trial sites and remain on track with our trial plan, with full enrollment expected by year end. Outside of COVID-19, we are advancing our partnership with Angel Pharmaceuticals and they anticipate filing an IND, in mid-2021, in China to begin our global Phase 2 trial of our ITK inhibitor, CPI-818, in patients with T cell lymphoma. And we continue to be one of the leaders in the area of adenosine blockade for cancer therapy and are moving forward with plans to conduct additional trials with ciforadenant and our anti-CD73 antibody, CPI-006 for cancer. In addition to blocking the production of adenosine, CPI-006 has demonstrated activation of B cells. Presentations by others at the recent American Association of Cancer Research Annual Meeting confirmed the role of CD73 in B cell activation supporting our original discoveries in this area.”
2021 Key Areas of Focus
CPI-006 Phase 3 Study for COVID-19
CPI-006 for Cancer
CPI-818 Phase 2 Study for T cell lymphoma in Partnership with Angel Pharmaceuticals
Ciforadenant Phase 2 Study for Front Line RCC
As of March 31, 2021, Corvus had cash, cash equivalents and marketable securities totaling $68.0 million. This compared to cash, cash equivalents and marketable securities of $44.3 million as of December 31, 2020. The increase in cash of $23.7 million resulted from $32.0 million received on February 17, 2021 from the company’s follow-on equity offering with institutional investors, reduced by $8.3 million of cash used in the quarter ended March 31, 2021. Corvus expects full year 2021 net cash used in operating activities to be between $46 million and $48 million.
Research and development expenses for the three months ended March 31, 2021 totaled $8.2 million compared to $10.2 million for the same period in 2020. The decrease of $2.0 million was primarily due to lower clinical trial costs for ciforadenant and a decrease in personnel costs, partially offset by an increase in clinical trial costs for the Company’s CPI-006 Phase 3 Covid-19 trial.
The net loss for the three months ended March 31, 2021 was $11.6 million compared to a net loss of $12.9 million for the same period in 2020. Total stock compensation expense for the three months ended March 31, 2021 was $1.2 million compared to $1.8 million for the same period in 2020.
About Corvus Pharmaceuticals
About Angel Pharmaceuticals
CORVUS PHARMACEUTICALS, INC.
CORVUS PHARMACEUTICALS, INC.
STIR/SHAKEN with SIPp
On Premise Strategies: CBRS and Private LTE