Corvus Pharmaceuticals, an immuno-oncology treatment developer backed by pharmaceutical companies Novo and Roche, filed for an initial public offering on Monday that could raise up to $115m.
Founded in 2014, Corvus is working on therapies that will use the body’s immune system to fight cancer cells. It has four immuno-oncology programs in its pipeline and is planning a large expansion cohort trial for its lead candidate, CPI-444, in early 2016.
The IPO proceeds will support a planned phase 1/1b clinical trial for CPI-444, as well as the preclinical development of three other product candidates.
Corvus raised $33.5m in a December 2014 series A round led by OrbiMed Advisors that included Novo Ventures, a corporate venturing subsidiary of Novo, and private equity firm Adams Street Partners.
Rock Springs Capital Management led a $75m series B round in September 2015 featuring Novo Ventures, Adams Street, OrbiMed and Roche Venture Fund, which acts as Roche’s corporate venturing unit.
Fidelity Management and Research Company (FMR), Blackrock, T. Rowe Price, Jennison Associates, Cormorant Asset Management, Sphera Funds Management, VenBio Select and Cowen Private Investments also took part in the series B.
Novo holds a 15.8% share of Corvus, but its largest shareholder is OrbiMed with a 30% stake. Adams Street also owns a 15.8% stake, while FMR holds 8.2%.
Credit Suisse Securities, Cowen and Company, Guggenheim Securities, BTIG and Cantor Fitzgerald are serving s underwriters for the offering.