Corvus Pharmaceuticals Reports Second Quarter 2017 Financial Results and Provides Business Update
“We continue to make significant progress in advancing the clinical development of our lead product candidate, CPI-444, and other product candidates in our immuno-oncology pipeline,” said
Recent Achievements and Upcoming Milestones
Clinical and Preclinical
- Continued enrolling patients in four expansion cohorts in the ongoing disease-specific expansion part of the Phase 1/1b clinical study of CPI-444, the Company’s lead oral checkpoint inhibitor. The expanded cohorts include treatment with CPI-444 both as a single agent and in combination with atezolizumab (Tecentriq®), an anti-PD-L1 antibody, in renal cell cancer (RCC) and non-small cell lung cancer (NSCLC). Corvus plans to present additional data from this study at the
Society for Immunotherapy of Cancer( SITC) 32nd Annual Meeting in November 2017.
- Presented interim safety and efficacy data from 75 patients with RCC or NSCLC enrolled in the Phase 1/1b study in an oral presentation at the
American Society of Clinical Oncology( ASCO) 2017 Annual Meeting. The data showed that treatment with CPI-444 both as a single agent and in combination with atezolizumab resulted in anti-tumor activity in patients resistant or refractory to prior treatment with anti-PD-(L)1 antibodies and in patients with PD-L1 negative tumors.
- Entered into a second collaboration agreement with Genentech to evaluate CPI-444 in combination with atezolizumab in a Phase 1b/2 clinical study as second-line therapy in patients with NSCLC who are resistant/refractory to prior anti-PD-(L)1 antibody therapy. Genentech and Corvus will share the costs of the trial that is expected to be initiated in the fourth quarter of 2017.
- Continued to progress the anti-CD73 antibody program toward Phase 1 study initiation in the first half of 2018.
- Continued to progress both A2B receptor antagonist and ITK inhibitor programs. Preclinical findings with a candidate A2B receptor antagonist indicate that it may enhance immune responses to certain tumors. These findings, which suggest the possible use of A2A receptor and A2B receptor antagonists in combination therapy, may lead to selection of a lead clinical candidate A2B receptor antagonist in 2018.
- Initiated development of an in-licensed antibody-based product candidate that inhibits a novel target in the adenosine pathway.
- Held an R&D Day titled “The Adenosine Pathway: Extending the Reach of Cancer Immunotherapy.” An archive of the webcast is available in the “Investors” section of the Company’s website.
- Licensed global rights to an undisclosed novel immuno-oncology program, which includes a lead product candidate, from
Research and development expenses for the three months ended
General and administrative expenses for the three months ended
The net loss for the three months ended
Tecentriq® (atezolizumab) is a registered trademark of Genentech.
This press release contains forward-looking statements, including statements related to the potential safety and efficacy of CPI-444, both as a single agent and in combination with anti-PD-1 or anti-PD-L1, the Company’s or Genentech’s ability to develop and advance product candidates into and successfully complete clinical trials, including the Company’s Phase 1/1b clinical trial of CPI-444, and Genentech’s expected Phase 1b/2 clinical trial of CPI-444 in combination with atezolizumab, and the timing of any future clinical trials; and the potential utility of preclinical findings in the selection of product candidates. 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 Quarterly Report on Form 10-Q for the three months ended
|CORVUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|Three Months Ended||Six Months Ended
|June 30,||June 30,
|Research and development||$||12,386||$||7,119||$||25,884||$||12,517|
|General and administrative||2,788||1,706||5,507||2,734|
|Total operating expenses||15,174||8,825||31,391||15,251|
|Loss from operations||(15,174||)||(8,825||)||(31,391||)||(15,251||)|
|Net loss per share, basic and diluted||$||(0.73||)||$||(0.43||)||$||(1.52||)||$||(1.42||)|
|Shares used to compute net loss per share, basic and diluted||20,426,849||19,959,459||20,388,820||10,568,562|
CORVUS PHARMACEUTICALS, INC.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|June 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||110,326||$||134,896|
|Liabilities and stockholders’ equity|
|Accounts payable and accrued liabilities and other liabilities||$||10,705||$||7,349|
|Total liabilities and stockholders’ equity||$||115,487||$||140,150|
Leiv LeaChief Financial Officer 650-900-4522 LLea@corvuspharma.com Media Contact: Julie Normart, W2O Group415-946-1087 firstname.lastname@example.org