Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) shares rallied Tuesday. The San Francisco-based firm, a clinical-stage biopharmaceutical company, today announced that it has participated in a new $13.5 million financing for Angel Pharmaceuticals Ltd. (Angel Pharma), the Company’s collaboration partner in China. Corvus co-founded Angel Pharma in 2020 to enable the clinical development and commercialization of its pipeline in China as well as the development of other novel drugs.
Corvus is Angel Pharma’s largest shareholder and is investing $5 million in the current financing.
The funding is anticipated to support Angel Pharma’s ongoing Phase 1b/2 trial of soquelitinib for atopic dermatitis and a new Phase 2 trial of soquelitinib for asthma. Angel Pharma anticipates that it will report results from the initial cohort of the Phase 1b portion of the atopic dermatitis trial in late 2026 and will initiate the Phase 2 asthma trial in early 2027.
“We believe Angel Pharma is making strong progress with the development of soquelitinib in China,” said CEO Richard A. Miller.
“By continuing our investment in Angel Pharma, Corvus is positioned to benefit from soquelitinib clinical data generated by their trials and a significant ownership position that we believe has great potential for value creation as the opportunity for ITK inhibition in the large Chinese inflammation and immunology markets unfolds.
“Angel Pharma’s atopic dermatitis clinical trial is enrolling patients at several major dermatology centers in China and we anticipate that the findings from this trial will extend our experience with soquelitinib in this indication.”
CRVS shares acquired 14 cents, or 1.3%, to $11.29.
