Corvus Pharmaceuticals Completes $75 Million Series B Financing

Funds Will Advance Company’s Immuno-Oncology Small Molecule and
Antibody Programs

BURLINGAME, Calif.–(BUSINESS WIRE)–Corvus Pharmaceuticals, a private clinical-stage biopharmaceutical
company focused on the development of novel agents targeting the immune
system to treat patients with cancer, today announced that it closed a
$75 million Series B financing. The transaction was led by Rock Springs
Capital Management and included other leading healthcare investors such
as Fidelity Management and Research Company, Blackrock, funds, accounts
managed by T. Rowe Price, Jennison Associates (on behalf of certain
clients), Roche Venture Fund, Cormorant Asset Management, Sphera Funds
Management, venBio Select and Cowen Private Investments. Founding
investors, Orbimed, Novo Ventures and Adams Street Partners also
participated in the transaction. Cowen and Company served as an advisor
to Corvus.

“We are delighted to attract this pre-eminent group of investors, which
provides the capital for Corvus to advance the development of multiple
product candidates, including an expansion cohort designed Phase 1B
trial that will evaluate our novel oral checkpoint inhibitor alone and
in combination with another checkpoint inhibitor in several different
types of cancer,” said Richard A. Miller, M.D., Chief Executive Officer
of Corvus Pharmaceuticals.

The proceeds will be used to expand the company’s research and
development programs of multiple small molecule and antibody agents in
immuno-oncology, including the initiation of a multicenter Phase 1B
trial, which is expected to begin in the first quarter of 2016.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company
focused on the development of small molecule and antibody agents that
target the immune system to treat patients with cancer. These agents
block or modify crucial immune checkpoints and reprogram immune T cells.
A Phase 1B clinical trial evaluating its oral small molecule checkpoint
inhibitor is scheduled to begin in the first quarter of 2016. For more
information, visit www.corvuspharma.com.

Contacts

Investor Contact:
Corvus Pharmaceuticals
Leiv Lea
Chief
Financial Officer
650-900-4522
LLea@corvuspharma.com
or
Media
Contact:

BrewLife
David Walsey
858-617-0772
dwalsey@brewlife.com