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Corvus starts common stock offering

Corvus Pharmaceuticals Inc. started an offering of $50 million of its common stock in an underwritten public offering.

The biopharmaceutical company also plans to grant the underwriters an option to buy up to an additional $750,000 of its common stock.

Net proceeds will be use to fund the ongoing clinical development of its product candidates, research and development, working capital and general corporate purposes.

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.