BURLINGAME, Calif., March 08, 2018 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq:CRVS), a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that precisely target crucial enzymes and proteins in the immune system to treat patients with cancer, today announced the pricing of an underwritten public offering of 7,058,824 shares of its common stock at a price to the public of $8.50 per share, for gross proceeds of $60.0 million before deducting estimated underwriting discounts and commissions and estimated offering expenses payable by Corvus. All of the shares are being offered by Corvus. In addition, Corvus has granted the underwriters of the offering a 30-day option to purchase up to an additional 1,058,824 shares of common stock at the public offering price, less underwriting discounts and commissions.

Corvus currently expects to use the net proceeds from this offering to fund its ongoing clinical development of CPI-444, initiate a Phase 1/1b clinical trial of CPI-006, research and development of its ITK program, and any remaining proceeds for working capital and general corporate purposes, including research and development of its additional product candidates.

The offering is expected to close on or about March 12, 2018, subject to satisfaction of customary closing conditions.

Credit Suisse and Jefferies are acting as joint bookrunning managers for the offering. Guggenheim Securities is acting as lead manager and Wedbush PacGrow is acting as co-manager.

A registration statement relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission on June 9, 2017. The offering of these securities is being made only by means of a prospectus and a related prospectus supplement, copies of which may be obtained from: Credit Suisse Securities (USA) LLC, Attn: Prospectus Dept., One Madison Avenue, New York, NY 10010, by telephone at 800-221-1037 or by email at newyork.prospectus@credit-suisse.com; or Jefferies LLC, Attn: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 877-821-7388 or by email at Prospectus_Department@Jefferies.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification of these securities under the securities laws of any such state or jurisdiction.

About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development and commercialization of small molecule and antibody agents that precisely target crucial enzymes and proteins in the immune system to treat patients with cancer.Corvus’ lead product candidate, CPI-444, a small molecule inhibitor of the A2A receptor, is currently being evaluated in a multicenter Phase 1/1b clinical trial in patients with various solid tumors. This successive expansion cohort trial is examining the activity of CPI-444 both as a single agent and in combination with Genentech’s Tecentriq, an anti-PD-L1 antibody. Corvus is conducting the trial with Genentech, a member of the Roche Group, under a clinical trial collaboration the two companies entered into in October 2015. CPI-444 in combination with Tecentriq is also being evaluated in a Phase 1b/2 randomized control trial in non-small cell lung cancer conducted by Genentech.

Tecentriq® is a registered trademark of Genentech.

Forward-Looking Statements 
This press release contains forward-looking statements, including statements related to the completion, timing and use of proceeds of the proposed public offering. 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 Corvus’ control. Corvus’ 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 Corvus’ most recent filings with the Securities and Exchange Commission, including the preliminary prospectus supplement filed with the SEC on March 7, 2018, including documents incorporated by reference therein, which includes Corvus’ current and future reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 1, 2018. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: market conditions and satisfaction of closing conditions related to the proposed public offering; the accuracy of Corvus’ estimates relating to its ability to initiate and/or complete preclinical studies and clinical trials; the ability of Corvus to utilize biomarker data, select a suitable dosing regimen; the results of preclinical studies may not be predictive of future results; the unpredictability of the regulatory process; and regulatory developments in the United States and foreign countries. Although Corvus believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur, and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and Corvus undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contact:
Guillermo Elias, Ph.D.
Director, Business Development
Corvus Pharmaceuticals, Inc.
+1-650-900-4511
GElias@corvuspharma.com

Media Contact:
Julie Normart, W2O Group
415-946-1087
jnormart@w2ogroup.com