Corvus Pharmaceuticals Shares Surge on Promising Trial Results
Investing.com -- Corvus Pharmaceuticals, Inc. (NASDAQ: CRVS) shares initially dropped by as much as 18% but then made a notable comeback, rising by 7% following interim results from a Phase 1 trial of soquelitinib for the treatment of moderate to severe atopic dermatitis. The clinical-stage biopharmaceutical company published data that indicated a positive safety and efficacy profile for the drug, showing its potential not only for this chronic skin condition but also for other immune disorders.
The randomized, double-blind, placebo-controlled trial aims to enroll 64 patients who have not responded to previous treatments. The study, divided into four dosing cohorts, has as its primary objectives the evaluation of safety, tolerability, and efficacy through clinical and biomarker assessments.
Results from the 16 patients in the first cohort revealed a significant reduction in the Eczema Area and Severity Index (EASI) scores in patients treated with soquelitinib compared to the placebo group. On Day 28, the soquelitinib group showed a 55.9% decrease in mean EASI score reduction, which improved to 69.1% by Day 58. In comparison, the placebo group demonstrated a 27.0% average decrease on Day 28, which declined to 19.1% by Day 58. Notably, improvements in the soquelitinib group were observed just eight days after the trial began.
The safety data from the same cohort did not reveal any significant issues, and all patients completed the 28-day dosing regimen. Only mild side effects (such as nausea) and a COVID-19 infection were reported, none of which required changes to the treatment regimen.
The company also discovered a possible link between clinical response and decreases in serum cytokine levels. This supports the proposed mechanism of action through ITK inhibition, which is thought to help regulate immune responses. Early data from a second cohort receiving a higher dose of soquelitinib also showed positive outcomes without any significant laboratory abnormalities or treatment-related adverse events.
As a strategic financial move, Corvus announced that Samlyn Capital has exercised warrants for common stock early, providing the company with approximately $12.7 million in cash.
Corvus will hold a conference call and webcast today to discuss the Phase 1 clinical data of soquelitinib in atopic dermatitis in more detail. This report is based on information obtained from Corvus Pharmaceuticals' press release.