BMY - Corvus Pharmaceuticals Is Ready To Take Flight
2024-06-20 06:53:11 ET
Summary
- Corvus Pharmaceuticals has shown positive growth and maturity over the past six months, with new leadership and increased clinical trial activity.
- The company is expanding its label and IP developments, with trials in oncology and immunology, as well as potential partnerships with established therapies.
- Corvus recently completed a capital raise, securing $30M with potential for an additional $60M through warrants, signaling confidence in their Phase 3 trial and future growth.
- Everything is proceeding as we'd like to see from our last article; the biggest risk at this point is shareholder dilution as a part of the cash management program.
We last wrote about Corvus Pharmaceuticals ( CRVS ) at the end of 2023, with all indications looking positive for the clinical-stage company. Two earnings reports later, we have a lot more data to ingest that bolster our confidence in the company’s roadmap. The business is maturing, and there is enough interest to keep the lights on through the end of next year. It’s worth running down where things stand and the pieces that jumped out at us the most over the last six months or so.
Leadership
In February of this year, Corvus announced they had hired a Chief Business Officer, Jeff Arcara. CEO Richard Miller said on the Q4 earnings call the following month that they made this move “to accelerate our business development activities”. Jeff’s comments on the earnings call suggest that his immediate priority is to work out a commercialization strategy for soquelitinib, the company’s all-in shove:
Corvus Pharmaceuticals Is Ready To Take Flight
“...[O]ur preferred partnering strategy is to find partners with development and commercialization expertise in immune disease as well as to seek regional partnerships in oncology.
We have seen increasing momentum in partnering interest since the announcement of our Phase 3 registration trial in the third quarter of 2023 and recent publications on the activity of soquelitinib and preclinical models of cancer and immune diseases.”