Corvus To Initially Retain 49.7% Stake In Angel Pharma - Quick Facts

(RTTNews) - Corvus Pharmaceuticals Inc. (CRVS) said it will initially retain a 49.7% equity stake in Angel Pharmaceuticals and will be entitled to designate three individuals on Angel's five-person Board of Directors, as part of a collaboration between them.

Angel Pharmaceuticals licensed the rights to develop and commercialize Corvus' three clinical-stage candidates - ciforadenant, CPI-006 and CPI-818 - in China and obtained global rights to Corvus' BTK inhibitor preclinical programs.

Angel has launched with $41 million financing backed by local investor group which includes three prominent biopharmaceutical companies.

".. We have already begun working with the Angel leadership to initiate clinical trials in China with ciforadenant, CPI-006 and CPI-818 in cancer, autoimmune diseases and infectious diseases within the next 12 to 18 months,"said Richard Miller, president and chief executive officer of Corvus.

Angel will be responsible for the clinical development and commercialization, including all related expenses, of the licensed pipeline programs in China, and for the pre-clinical BTK program globally. It plans to initiate clinical trials in China for ciforadenant, CPI-006 and CPI-818 in the next 12 to 18 months.

In the United States, Corvus is planning to meet with the U.S. Food & Drug Administration in December 2020 to discuss the study design and plans for a pivotal ciforadenant study in advanced refractory renal cell cancer (RCC) using the Adenosine Gene Signature as a biomarker.

Angel plans to expand its team with leading scientific talent in China. In addition, Miller, a co-founder of Angel, will serve as Chairman of the Board and interim chief executive officer, working closely with the founding leadership team.