Last week, the S&P 500 closed positive for the first time in 2016, temporarily easing tension caused by the falling markets. But the index is once again negative. With every major U.S. market in the red since the beginning of the year, VC-backed IPOs have been scarce to say the least, exemplified by January's IPO count of zero. Until yesterday, only four VC-funded companies had entered the public markets in the U.S.—AveXis, Editas Medicine, Syndax and Proteostasis Therapeutics—which is less than the number of similar companies that had officially postponed or cancelled their offerings (five).
Corvus Pharmaceuticals became the fifth U.S. IPO of the year on Wednesday, when it raised $70.5 million by pricing shares at $15, the low end of its expected price range. Listed on the Nasdaq under the ticker CRVS, the company's stock hit an early high of $15.39 before closing its debut down 5%, at $14.25. The clinical stage biopharma is developing immuno-oncology therapies, with its lead candidate in a Phase 1/1b clinical trial designed to examine safety, tolerability, biomarkers and preliminary efficacy in several solid tumor types. Corvus was backed by OrbiMed (29.98% pre-IPO stake), Adams Street Partners (15.84%), Novo (15.84%) and Fidelity Management & Research (8.18%).
To get the data behind VC-backed IPOs over the past 12 months, click here.