Corvus Pharmaceuticals Reports Fourth Quarter and Full Year 2017 Financial Results and Provides Business Update
“In 2017, Corvus continued to make progress in expanding its pipeline of product candidates. We have enrolled more than 235 patients on our Phase 1/1b trial with CPI-444 and met the objectives of the trial, which were to optimize dose and schedule, establish safety and identify efficacy signals in renal cell cancer and non-small cell lung cancer (NSCLC),” said
Clinical & Preclinical Development
- Continued enrollment in the Phase 1/1b clinical study of the Company’s lead oral checkpoint inhibitor, CPI-444, with over 235 patients enrolled to date. This study is investigating CPI-444 as a single agent and in combination with Genentech’s Tecentriq® (atezolizumab), an anti-PD-L1 antibody, with expansion cohorts in renal cell carcinoma (RCC) and non-small cell lung cancer (NSCLC).
- Presented updated clinical response data in 30 patients from the single agent and combination RCC cohorts of the Phase 1/1b clinical study at an oral session at the meeting of the
Society for Immunotherapyof Cancer’s ( SITC) annual meeting. Biomarker data from the trial showed an association between adenosine pathway gene expression and response to therapy, and resistance to prior anti-PD-(L)1 treatment.
- Initiated patient enrollment in a randomized, controlled Phase 1b/2 clinical trial, being conducted by Genentech as part of their MORPHEUS platform, to evaluate CPI-444 in combination with Tecentriq as second- or third-line therapy in patients with NSCLC who are resistant or refractory to prior anti-PD-(L)1 antibody therapy.
- Reported preliminary data from an ongoing study with our ITK inhibitor at the
T-Cell Lymphoma Forum. In the preclinical study, two dogs were treated -- one with peripheral T cell lymphoma (PTCL) and one with cutaneous T cell lymphoma (CTCL). Results showed evidence of antitumor activity in both animals. A complete response was achieved in the PTCL animal after 28 days of daily dosing, and a partial response was achieved in the CTCL animal within 14 days of the initiation of treatment. The compound was well tolerated in both dogs, with no clinical signs or laboratory findings of toxicity.
- Amend ongoing Phase 1/1b clinical trial of CPI-444 in combination with Tecentriq, to enroll patients in a Phase 1b/2 trial in RCC patients that have failed anti-PD-(L)1 and a tyrosine kinase inhibitor.
- Initiate enrollment in a Phase 1/1b clinical trial with CPI-006 in patients with advanced cancers in the first quarter of 2018.
- Select development candidates for two additional programs, an adenosine small molecule antagonist of the A2B receptor and an antibody to an undisclosed target that was in-licensed in 2017.
Research and development expenses for the three months and full year ended
General and administrative expenses for the three months and full year ended
The net loss for the three months and full year ended
Tecentriq® is a registered trademark of Genentech.
This press release contains forward-looking statements, including statements related to the potential safety and efficacy of the Company’s small molecule T-cell signaling pathway inhibitor, the Company’s ability to develop and advance product candidates into and successfully complete preclinical studies and clinical trials, including the Company’s Phase 1/1b clinical trial of CPI-444, and the Company’s expected initiation of a Phase 1/1b clinical trial of CPI-006, the basis for and the timing of any future clinical trials of the Company’s small molecule T- cell signaling pathway inhibitor and the utility of biomarker data collected and the suitability of dosing regimen selected for clinical trials. All statements other than statements of historical fact contained in this press release are forward-looking statements. These statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “seek,” “will,” “may” or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in the Company’s Annual Report on Form 10-K for the year ended
Director, Business Development
|CORVUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|Three Months Ended
|Research and development||$||9,688||$||9,131||$||46,305||$||29,356|
|General and administrative||2,501||2,118||10,219||7,620|
|Total operating expenses||12,189||11,249||56,524||36,976|
|Loss from operations||(12,189||)||(11,249||)||(56,524||)||(36,976||)|
|Interest income and other expense, net||260||163||861||601|
|Net loss per share, basic and diluted||$||(0.58||)||$||(0.55||)||$||(2.72||)||$||(2.36||)|
|Shares used to compute net loss per share, basic and diluted||20,675,661||20,262,752||20,488,506||15,422,041|
|CORVUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
|Year ended December 31,|
|Cash, cash equivalents and marktable securities||$||90,055||$||134,896|
|Liabilities and stockholders' equity|
|Accounts payable and accrued liabilities and other liabilities||$||9,940||$||7,349|
|Total liabilities and stockholders' equity||$||94,775||$||140,150|