Healthcare Industry News: Novo Ventures
News Release - September 29, 2015
Corvus Pharmaceuticals Completes $75 Million Series B FinancingFunds Will Advance Company’s Immuno-Oncology Small Molecule and Antibody Programs
BURLINGAME, Calif.--(Healthcare Sales & Marketing Network)--Corvus Pharmaceuticals, a private clinical-stage biopharmaceutical company focused on the development of novel agents targeting the immune system to treat patients with cancer, today announced that it closed a $75 million Series B financing. The transaction was led by Rock Springs Capital Management and included other leading healthcare investors such as Fidelity Management and Research Company, Blackrock, funds, accounts managed by T. Rowe Price, Jennison Associates (on behalf of certain clients), Roche Venture Fund, Cormorant Asset Management, Sphera Funds Management, venBio Select and Cowen Private Investments. Founding investors, Orbimed, Novo Ventures and Adams Street Partners also participated in the transaction. Cowen and Company served as an advisor to Corvus.
“We are delighted to attract this pre-eminent group of investors, which provides the capital for Corvus to advance the development of multiple product candidates, including an expansion cohort designed Phase 1B trial that will evaluate our novel oral checkpoint inhibitor alone and in combination with another checkpoint inhibitor in several different types of cancer,” said Richard A. Miller, M.D., Chief Executive Officer of Corvus Pharmaceuticals.
The proceeds will be used to expand the company’s research and development programs of multiple small molecule and antibody agents in immuno-oncology, including the initiation of a multicenter Phase 1B trial, which is expected to begin in the first quarter of 2016.
About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of small molecule and antibody agents that target the immune system to treat patients with cancer. These agents block or modify crucial immune checkpoints and reprogram immune T cells. A Phase 1B clinical trial evaluating its oral small molecule checkpoint inhibitor is scheduled to begin in the first quarter of 2016. For more information, visit www.corvuspharma.com.
Source: Corvus Pharmaceuticals
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