A persistent upswing was observed on Tuesday in Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP). Corbus stock continued the rally into the after-hours trading session, when the company’s stock increased by 13.28% to $28.50. This came after a notable rise of 35.12% during the regular trading session, which ended at $25.16. One explanation for the increased momentum was the execution of a strategic equity plan.
In a recent announcement, Corbus (CRBP) stated that it intends to carry out an underwritten RPO, in which it would sell shares of its ordinary stock or, if preferred, pre-funded warrants to specific investors for the acquisition of shares. For all securities included in this offering, Corbus will be the sole vendor.
The completion of the offering, as well as its size and terms, is contingent upon market conditions, with no guaranteed assurance of its occurrence or specific parameters. The net proceeds from this offering are earmarked for funding the clinical development of its pipeline, alongside utilization for working capital and other corporate purposes.
Furthermore, during a significant event, data from the first-in-human clinical study of CRB-701 was presented as a poster by CRBP’s development partner, CSPC Pharmaceutical Group, at the 2024 American Society of Clinical Oncology Genitourinary Cancers Symposium (ASCO GU).
CRB-701, equipped with innovative antibody and next-generation linker technology, demonstrates a distinctive pharmacokinetic profile compared to enfortumab vedotin (EV), showcasing a current safety profile without peripheral neuropathy and skin rash—known dose-limiting toxicities for EV.
This distinction holds promise for metastatic urothelial carcinoma (mUC) patients and other solid tumors expressing nectin-4, such as cervical cancer. Upon evaluation of CRB-701’s emerging profile with an eminent expert in genitourinary cancers, the positive clinical responses observed in nectin-4 positive mUC and cervical cancer patients are encouraging.
Additionally, the early clinical safety data presents the initial evidence of CRB-701’s clinical activity across various nectin-4 expressing tumors, warranting further investigation into the compound’s safety and efficacy. As the ongoing clinical study advances in China with partner CSPC, Corbus is strategically planning to initiate a clinical study in the United States in Q1 2024 under an already open Investigational New Drug (IND) application.
