Corvus Pharmaceuticals Reports Third Quarter 2017 Financial Results and Clinical Program Update
“We continue to advance the clinical development of our lead product candidate, CPI-444, and other product candidates in our 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). For both single agent and combination RCC cohorts, the protocol-defined criteria for a second expansion of the cohorts from 26 to 48 patients has been met.
- Additional data from the ongoing CPI-444 study will be presented by
Jason J. Luke, M.D., FACP, Assistant Professor of Medicine, University of Chicago Medicineat the Society for Immunotherapy of Cancer( SITC) 32nd Annual Meeting in November 2017.
- Expect initial patient enrollment in the fourth quarter 2017 in a previously announced second collaboration agreement with Genentech to evaluate CPI-444 in combination with atezolizumab in a Phase 1b/2 clinical study as second- or third-line therapy in patients with NSCLC who are resistant/refractory to prior anti-PD-(L)1 antibody therapy.
- Continued to progress the anti-CD73 antibody program toward Phase 1 study initiation, which is expected in the first half of 2018.
- Have selected oral ITK inhibitor lead candidate that is now in IND enabling studies.
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 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. 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
Chief Financial Officer
|CORVUS PHARMACEUTICALS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
|Three Months Ended||Nine Months Ended|
|September 30,||September 30,|
|Research and development||$||10,733||$||7,707||$||36,617||$||20,224|
|General and administrative||2,211||2,769||7,718||5,502|
|Total operating expenses||12,944||10,476||44,335||25,726|
|Loss from operations||(12,944||)||(10,476||)||(44,335||)||(25,726||)|
|Net loss per share, basic and diluted||$||(0.62||)||$||(0.51||)||$||(2.14||)||$||(1.83||)|
|Shares used to compute net loss per share, basic and diluted||20,501,382||20,183,497||20,426,263||13,797,927|
CORVUS PHARMACEUTICALS, INC.
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|September 30,||December 31,|
|Cash, cash equivalents and marketable securities||$||99,700||$||134,896|
|Liabilities and stockholders’ equity|
|Accounts payable and accrued liabilities and other liabilities||$||11,051||$||7,349|
|Total liabilities and stockholders’ equity||$||104,788||$||140,150|