Corvus Shares Surge After Positive Data From Early COVID Treatment Study

Burlingame, California-based Corvus Pharmaceuticals said its early-stage coronavirus antibody treatment showed positive results in a Phase one trial, sending shares higher in pre-market trading.

Corvus Pharmaceuticals Inc.  (CRVS) - Get Corvus Pharmaceuticals, Inc. Report shares surged Monday after the drugmaker unveiled positive results from an early stage study of its developing coronavirus treatment.

Corvus said Phase One trials of its CPI-006 treatment for COVID-19, which is intended to enhance the body's immune response by producing anti-SARS-CoV-2 antibodies, continues to support its potential. 

Dose response effects in two of the three cohorts tested were observed out to 56 days, Corvus said, with final enrollment for a broader study, which it expects to initiate before the end of the year, is currently underway. Corvus said it will present data from the Phase One study in November.

“We continue to see consistent, promising results with CPI-006 in hospitalized COVID-19 patients,” said CEO Richard Miller. “The data indicates that B cell activation with CPI-006 stimulated robust and durable immune responses, and that these responses have been associated with induction of memory B and memory T cells. The dose-response observed in the first two cohorts support the proposed mechanism of action of the drug and provide evidence of induction of high levels of antibodies with relatively low doses of CPI-006."

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"The data supports continued evaluation of CPI-006 in this patient population, and potentially in outpatients with COVID-19 and in other infectious diseases," he added. "We are also exploring the potential use in combination with preventative vaccines under development by third parties to enhance and prolong immunity."

Corvus shares were marked 27.3% higher in early trading Monday to change hands at $5.20 each, a move that would extend the stock's six-month gain to around 153% and value the Burlingame, California-based biotech at around $145 billion.