Corvus Pharmaceuticals, a Burlingame, CA-based clinical-stage biopharmaceutical company focused on the development of novel agents targeting the immune system to treat patients with cancer, closed a $75m Series B financing.
The round was led by Rock Springs Capital Management with participation from 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.
The company intends to use the funds to expand its research and development programs of multiple small molecule and antibody agents in immuno-oncology, including the initiation of a multicenter Phase 1B trial.
Led by Richard A. Miller, M.D., Chief Executive Officer, Corvus Pharmaceuticals focuses 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.