Corvas International Inc. has filed for an initial public offeringof 2.5 million shares of common stock with a proposed pricerange of $10 to $12 per share.
Corvas of San Diego is developing drugs to treat thrombosis andassociated vascular diseases. The company has one drug,Corsevin M, in Phase I trials. The monoclonal antibody-basedanti-thrombotic binds to Factor VII, a factor involved in theearly stages of coagulation.
Centocor Inc. of Malvern, Pa., in November acquired aworldwide exclusive license to Corsevin M and was granted anexclusive option to license other MAbs discovered or developedby Corvas. Under the terms of the agreement, Centocor(NASDAQ:CNTO) made an equity investment in Corvas, raisingits equity position to 20 percent from 7 percent.
Corvas was founded in 1987 with $3.7 million in funding fromHambrecht & Quist, Venrock Associates, Ventana Growth Fund,Centocor and Sorrento Associates.
Underwriters are PaineWebber Inc. and Hambrecht & Quist Inc.
(c) 1997 American Health Consultants. All rights reserved.