BURLINGAME, Calif., May 09, 2017 (GLOBE NEWSWIRE) -- Corvus Pharmaceuticals, Inc. (Nasdaq:CRVS), a clinical-stage biopharmaceutical company, announced today that it has licensed global rights to an undisclosed novel immuno-oncology program, which includes a lead product candidate, from Monash University.
Corvus Pharmaceuticals, which focuses on the development and commercialization of novel immuno-oncology therapies, plans to develop any product candidates that result from the collaboration. These would be developed as monotherapies and potentially as combination therapies with its existing product candidates that target the adenosine receptor pathway. The terms of the agreement were not disclosed.
“This novel immuno-oncology program, developed at one of the leading universities in Australia, has the potential to bolster our drug development capabilities within, and outside of, the adenosine receptor pathway,” said Richard A. Miller, MD, an oncologist and co-founder, president and chief executive officer of Corvus.
“With this program, we are combining our strong internal R&D with promising new targets and product candidates from an in-licensing opportunity to build a deep immuno-oncology pipeline.”
“With Corvus’ strengths in immunology and oncology and its clinical translational platform, we believe it is well-positioned to advance this promising program into clinical development,” said Professor John Carroll, Director of the Biomedicine Discovery Institute at Monash University.
“Professor Charles MacKay and Dr. Remy Robert have created a first-class asset for the treatment of cancer. We look forward to collaborating with the Corvus team to help them develop improved therapies for patients,” Professor Carroll said.
About Corvus Pharmaceuticals
Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development and commercialization 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. Corvus’ lead product, CPI-444, is a checkpoint inhibitor that is designed to disable a tumor’s ability to subvert attack by the immune system by inhibiting adenosine in the tumor microenvironment. CPI-444 is a small molecule that is taken orally. CPI-444 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® (atezolizumab), 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. For more information, visit www.corvuspharma.com.
Tecentriq® is a registered trademark of Genentech.
About Biomedicine Discovery Institute at Monash University
Committed to making the discoveries that will relieve the future burden of disease, the newly established Biomedicine Discovery Institute at Monash University brings together more than 120 internationally-renowned research teams. Monash University’s researchers are supported by world-class technology and infrastructure, and partner with industry, clinicians and researchers internationally to enhance lives through discovery.
About Monash University
Monash University is the largest university in Australia and ranked in the top one per cent of world universities. It has earned an enviable national and international reputation for research and teaching excellence, and is a member of Australia’s Group of Eight research-intensive universities and the M8 Alliance of Academic Health Centres and Medical Universities.
In little more than 50 years Monash has grown into a thriving hub, recognised globally for the breadth and depth of research, and has a proud history of medical breakthroughs including In Vitro Fertilisation. Ranked 41st in the world for clinical, preclinical and health sciences, Monash’s medical research focus is aligned to national and international health priorities, and reflects combined strengths across partner organisations in thematic areas such as Cancer and Blood Diseases, and Infection, Inflammation and Immunity.
Forward-Looking Statements
This press release contains forward-looking statements, including statements related to the Company’s and Monash University’s ability to develop and advance product candidates and the potential safety and efficacy of such product candidates. 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 the Company’s control. The Company’s 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 the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2017, filed with the Securities and Exchange Commission on May 4, 2017, as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. In particular, the following factors, among others, could cause results to differ materially from those expressed or implied by such forward-looking statements: the utility of Monash University’s immuno-oncology program; the accuracy of the Company’s estimates relating to its ability to develop product candidates arising from the collaboration with Monash University; the unpredictability of the regulatory process; and regulatory developments in the United States and foreign countries. Although the Company 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 the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Corvus Contact: Jason Coloma SVP, Chief Business Officer Corvus Pharmaceuticals, Inc. +1-650-900-4511 jcoloma@corvuspharma.com Corvus Media Contact: Julie Normart Pure Communications +1-415-946-1087 jnormart@purecommunications.com Monash Media Contact: For more information contact Monash Media & Communications + 61 3 99034840 or media@monash.edu
