Corvus Pharma Shares Drop After $30M Equity Raise At 11% Discount - Corvus Pharma (NASDAQ:CRVS)

Corvus Pharmaceuticals Inc (NASDAQ: CRVS) priced 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.