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Corvus Pharmaceuticals prices $60M common stock offering

Corvus Pharmaceuticals, Inc. priced an underwritten public offering of 7,058,824 common shares at $8.50 per share.

The Burlingame, Calif.-based cancer therapy developer expects gross proceeds of $60 million from the offering.

Corvus has also granted the underwriters an option to buy up to an additional 1,058,824 shares.

The company expects to use the net proceeds from the offering to fund development of its potential cancer drugs including CPI-444, as well as for working capital and general corporate purposes.

The offering is expected to close March 12, subject to satisfaction of customary closing conditions.

Credit Suisse and Jefferies are acting as joint book-running managers for the offering. Guggenheim Securities is acting as lead manager, and Wedbush PacGrow is acting as co-manager.