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Corvus Pharmaceuticals (CRVS) Stock Climbs Premarket Following Mupadolimab Update

Sam Boughedda trader
Updated 22 Sep 2021

 Corvus Pharmaceuticals (NASDAQ: CRVS) shares are gaining premarket Wednesday after the company provided an update on its development programs in oncology and infectious disease for mupadolimab.

Corvus is developing mupadolimab as a therapeutic for oncology indications and for infectious disease, starting with COVID-19. 

Corvus said results from its Phase 3 trial, which covers 40 patients enrolled in the study before its voluntary discontinuation, show an improvement in the primary and key secondary endpoints in patients administered with single doses of mupadolimab at 2mg/kg and 1mg/kg compared to placebo. In addition, there were no drug-related adverse events reported.

Richard Miller, co-founder, president and CEO of Corvus, said: “As expected when we discontinued the trial, statistical significance was not reached due to the sample size. However, we are very encouraged by the consistent trends and immune response data, which we believe support mupadolimab’s proposed mechanism of action and its potential value for the treatment of viral infections. 

“Combined with the findings in our previous Phase 1 trial in 29 patients, we believe there is mounting evidence that mupadolimab could become a universal treatment for viral diseases, with the ability to address immune escape from variants.”

Mupadolimab also is being studied in a Phase 1b/2 clinical trial in patients with HPV+ oropharyngeal cancers and non-small cell lung cancers that have failed previous treatment.

Data from the trial has been accepted for presentation at the Society for Immunotherapy of Cancer annual meeting in November.

Corvus Pharmaceuticals' share price is up almost 2% premarket at $8.70, adding to its recent share rally. On Tuesday, its stock price closed over 38% higher.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.