Corvus Pharmaceuticals Announces Pricing Of $30.6M Registered Direct Offering
Portfolio Pulse from Benzinga Newsdesk
Corvus Pharmaceuticals, Inc. (CRVS) announced a registered direct offering to raise approximately $30.6 million through the sale of common stock and pre-funded warrants, with participation from notable health-care investors. The offering includes over 13 million shares of common stock and warrants, with an exercise price for common warrants at $3.50, expiring on June 30, 2025. The offering, expected to close by May 6, 2024, involves no underwriting discounts or placement agent fees.
May 02, 2024 | 12:40 pm
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Corvus Pharmaceuticals aims to raise $30.6M through a direct offering, involving common stock and pre-funded warrants, without underwriting discounts or placement agent fees.
The direct offering by Corvus Pharmaceuticals is a significant financial move, aiming to raise substantial capital. The involvement of notable health-care investors like Point72 and OrbiMed signals strong backing, potentially stabilizing the stock price. However, the dilutive effect of issuing new shares and warrants could offset some positive sentiment, leading to a neutral short-term impact on the stock price. The absence of underwriting discounts or placement agent fees is financially beneficial for CRVS, reducing the cost of capital raised.
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