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Corvus Pharma Shares Drop After $30M Equity Raise At 11% Discount

  • Corvus Pharmaceuticals Inc (NASDAQ: CRVSpriced the underwritten public offering of 8.6 million shares at $3.50 per share, for gross proceeds of $30 million. The offer price is at a discount of 11% from the last close price of 3.94 on Thursday.
  • Underwriters have an option to purchase up to an additional 1.3 million shares. The offering is expected to close by February 17. 
  • Cantor Fitzgerald & Co. and H.C. Wainwright & Co. are acting as joint book-running managers for the offering.
  • Corvus expects to use the net proceeds to fund its Phase 3 trial of CPI-006 and develop its other product candidates, working capital, and general corporate purposes.
  • Last week, the company commenced the Phase 3 trial of CPI-006 for patients with COVID-19. The study is expected to enroll ~1,000 patients, with results expected by the end of this year.
  • Price Action: CRVS is down 9.9% at $3.55 on the last check Friday. 

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Posted-In: COVID-19 Coronavirus Phase 3 TrialBiotech News Penny Stocks Offerings General

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