Benzinga | Jul 16, 2021 07:02AM EDT

Corvus Pulls Plug On Mupadolimab COVID-19 Program With Candidate Now Prioritized In Oncology

* Corvus Pharmaceuticals Inc (NASDAQ:CRVS) has discontinued its Phase 3 study of mupadolimab for COVID-19 due to positive trends exhibited by COVID-19 vaccines in lowering infection and hospitalizations.

* The discontinuation is not related to any safety or efficacy issues, the company said in the press release.

* The company will continue to advance the development of mupadolimab in oncology, currently in a Phase 1/1b trial.

* As of June 30, Corvus had cash, cash equivalents, and marketable securities of approximately $66.5 million.

* With the discontinuation of the mupadolimab Phase 3 study in COVID-19, Corvus expects the full year 2021 net cash used in operating activities to be $35 million to $37 million, a decrease from the previously expected $46 million to $48 million and resulting in projected cash of $51.1 million to $53.1 million at December 31, 2021.

* Price Action: CRVS shares are trading lower by 11.6% at $2.06 in premarket on the last check Friday.