 Provides Update on CPI-006 Phase 1 COVID-19 Study Conference Call Today at 4:30 p.m. ET 1:30 p.m. PT BURLINGAME, Calif., July 30, 2020 GLOBE NEWSWIRE -- Corvus Pharmaceuticals, Inc. NASDAQ: CRVS, a clinical-stage biopharmaceutical company, today provided a business update and announced financial results for the second quarter ended June 30, 2020.In the second quarter, we advanced each of our three clinical oncology programs, highlighted by the presentation of new data at ASCO on the identification of a refined biomarker that enriches for responding patients with renal cell cancer treated with our lead candidate, ciforadenant, said Richard A. Miller, M.D., president and chief executive officer of Corvus. Based on this data, we are planning to meet with the U.S. Food Drug Administration FDA to discuss the initiation of a pivotal study of ciforadenant in renal cell cancer. For CPI-006 and CPI-818, we have largely completed enrollment in the current portions of their Phase 11b studies and expect to report updated results at medical meetings later this year. We also added a fourth program utilizing our novel immunomodulatory antibody CPI-006 for treatment of patients with mild-to-moderate COVID-19. Our unique approach is based on the ability of CPI-006 to activate B cells, leading to the production of anti-SARS-CoV-2 IgM and IgG antibodies and memory B cells, which has the potential to shorten recovery time and improve long-term protective immunity. The study is advancing on track with the first cohort of five patients fully enrolled and four of five patients now enrolled in the second cohort. We expect to report anti-SARS-CoV-2 antibody and memory B cell results from our study later this year.Recent Achievements Ciforadenant CPI-444: A2A Receptor Antagonist of Adenosine Presented updated data from the Phase 1b2 clinical trial of ciforadenant in patients with refractory renal cell carcinoma RCC at the ASCO20 Virtual Scientific Program. The data covered 51 patients and showed an objective response rate ORR of 17 by RECIST criteria in Adenosine Gene Signature positive patients n31 and 0 ORR in the Adenosine Gene Signature negative group n20. The ORR improved to 27 with a refined version of the test, which is based on the measurement of CD68 positive myeloid cells, the downstream target of adenosine.CPI-006: Anti-CD73 Antibody with Immunomodulatory Activity Initiated an open-label, Phase 1 study of CPI-006 in COVID-19 patients with mild to moderate symptoms. Patients will receive a single dose of CPI-006, with levels of 0.3, 1.0, 3.0 and 5.0 mgkg, escalating in four cohorts as the study progresses. Patients will receive medications, therapies, and interventions per standard treatment protocols for COVID-19 for the duration of the study. The primary efficacy endpoint is the change in serum immunoglobulin IgM and IgG anti-SARS-CoV-2 levels compared to baseline at day 28. The study will also examine safety and effects on anti-viral memory B cells and other clinical endpoints, including time to resolution of symptoms and duration of hospitalization. COVID-19 Study Update: Since the announcement of the study and enrollment of the first cohort of five patients in early July, four of five patients in the second cohort have been enrolled in the study. As of the cutoff date of July 30, 2020, no dose limiting toxicities had been noted and early anti-SARS-CoV-2 antibody response data was encouraging with relatively high titers of IgG and IgM to both spike and receptor binding domain RBD viral proteins observed. In the first two patients receiving the lowest dose of CPI-006 and tested at an early Day 7 time point, IgG titers to spike protein were 1:25,000 and 1:50,000. One of these patients has also completed Day 14 testing, which showed the titers to viral spike protein and RBD had increased to 1:100,000. Significant levels of IgM antibodies were also detected. The Company remains on track to report 28-day follow up results from the Phase 1 study later this year. Completed enrollment in three dose escalation arms of the CPI-006 Phase 11b cancer clinical trial: monotherapy, combination with ciforadenant and combination with pembrolizumab and we continue to enroll the triplet combination dose escalation arm with ciforadenant and pembrolizumab. Updated clinical data from the Phase 11b oncology clinical trial is targeted to be presented later this year. CPI-818: A small molecule ITK inhibitor Completed enrollment in the dose escalation portion N16 of the CPI-818 Phase 11b clinical trial, which included patients with several types of advanced, refractory T-cell lymphomas. Based on results from this portion of the study, including a confirmed complete response in one patient with peripheral T-cell lymphoma PTCL who previously failed chemotherapy and high dose chemotherapy with autologous bone marrow transplantation, the Company selected the CPI-818 optimum dose and began the next portion of the study with a focus on patients with PTCL and cutaneous T-cell lymphoma CTCL.Anticipated Future Events Data from the Phase 1 trial of CPI-006 used to treat COVID-19 patients later this year. The Company plans to meet with the FDA to discuss the study design and plans for a ciforadenant pivotal study in advanced refractory RCC using the Adenosine Gene Signature as a biomarker. Updated clinical data from the CPI-006 Phase 11b oncology clinical trial is planned to be presented later this year. Updated clinical data from the CPI-818 Phase 11b clinical trial is planned to be presented at the American Society of Hematology ASH annual meeting in December 2020.Financial Results At June 30, 2020, Corvus had cash, cash equivalents and marketable securities totaling 59.3 million, as compared to cash, cash equivalents and marketable securities of 78.0 million at December 31, 2019. Corvus expects net cash used in operating activities for the second half of 2020 to be between 12 million and 14 million resulting in a cash balance of between 47 million and 45 million at December 31, 2020.Research and development expenses for the three months ended June 30, 2020 totaled 7.9 million compared to 10.6 million for the same period in 2019. The decrease of 2.7 million was primarily due to a 0.5 million decrease in ciforadenant clinical trial expenses, a 1.7 million decrease in CPI-006 drug manufacturing costs, a 0.5 million decrease in CPI-818 drug manufacturing costs and a 0.8 million decrease in outside service costs, partially offset by a 1.1 million increase in CPI-006 clinical trial expenses. The net loss for the three months ended June 30, 2020 was 10.6 million, compared to a net loss of 13.0 million for the same period in 2019. Total stock compensation expense for the three months ended June 30, 2020 was 1.4 million compared to 1.9 million of total stock compensation expense for the same period in 2019.Conference Call Details Corvus will host a conference call and webcast today, Thursday, July 30, 2020, at 4:30 p.m. ET 1:30 p.m. PT, during which time management will provide a business update and discuss the second quarter 2020 financial results. The conference call can be accessed by dialing 1-855-327-6837 toll-free domestic or 1-631-891-4304 international and using the conference ID 10010533. The live webcast may be accessed via the investor relations section of the Corvus website. A replay of the webcast will be available on Corvus website for 90 days.About Corvus Pharmaceuticals Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company. Corvus lead product candidates are ciforadenant CPI-444, a small molecule inhibitor of the A2A receptor, and CPI-006, a humanized monoclonal antibody directed against CD73 that exhibits immunomodulatory activity and activation of immune cells. These product candidates are being studied in ongoing Phase 1b2 and Phase 11b clinical trials in patients with a wide range of advanced solid tumors. Ciforadenant is being evaluated in a successive expansion cohort Phase 1b2 trial examining its activity both as a single agent and in combination with an anti-PD-L1 antibody. CPI-006 is being evaluated in a multicenter Phase 11b clinical trial as a single agent, in combination with ciforadenant and pembrolizumab. The Companys third cancer clinical program, CPI-818, an oral, small molecule drug that has been shown to selectively inhibit ITK, is in a multicenter Phase 11b clinical trial in patients with several types of T-cell lymphomas. The Company is also evaluating CPI-006 as a treatment for COVID-19 patients. For more information, visit Ciforadenant Ciforadenant CPI-444 is a small molecule, oral, checkpoint inhibitor designed to disable a tumors ability to subvert attack by the immune system by blocking the binding of adenosine in the tumor microenvironment to the A2A receptor. Adenosine, a metabolite of ATP adenosine tri-phosphate, is produced within the tumor microenvironment where it may bind to the adenosine A2A receptor present on immune cells and block their activity. CD39 and CD73 are enzymes on the surface of tumor cells and immune cells. These enzymes work in concert to convert ATP to adenosine.Adenosine Gene Signature and CD68 Myeloid Cells The adenosine gene signature is a biomarker that reflects adenosine induced immunosuppression in the tumor. These genes express chemokines that recruit myeloid cells including immunosuppressive tumor associated CD68 myeloid cells, which are thought to mediate resistance to anti-PD-L1 treatment. To date, in our clinical trial of renal cell cancer, this biomarker has been associated with a higher rate of response to ciforadenant. 