Corvus Pharmaceuticals Receives $70,500,000 New Funding Round
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Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=68b9672c-ad40-408b-81f1-ffcb9dc0e570
Date 3/23/2016
Company Name Corvus Pharmaceuticals
Mailing Address 863 Mitten Road Burlingame, CA 94010 USA
Company Description Corvus Pharmaceuticals (NASDAQ: CRVS) is a biopharmaceutical company focused on the development of novel, first-in-class agents that target the immune system to treat patients with cancer.
Proceeds Purposes We expect to use our existing capital resources and the net proceeds from this offering as follows: approximately $40 million to fund the ongoing clinical development of CPI-444, including our Phase 1/1b clinical trial; and the remainder to fund the preclinical development of our anti-CD73 adenosine production inhibitor, our adenosine A2B receptor antagonist, our ITK inhibitor and early-stage research and development of other programs and potential future development programs, potential in-licensing of technology or products, capital expenditures, working capital and other general corporate purposes. While we expect the majority of this amount will be allocated to our anti-CD73 adenosine production inhibitor, the allocation of funds among these product candidates will largely depend on their performance in preclinical trials, which we are unable to predict.