08:31 AM EST, 12/18/2024 (MT Newswires) -- Corvus Pharmaceuticals ( CRVS ) said Wednesday that interim results from a phase 1 trial of its experimental drug soquelitinib to treat patients with moderate to severe atopic dermatitis showed a favorable safety and efficacy profile.

The company said that patients receiving soquelitinib showed a 55.9% reduction in the Eczema Area and Severity Index score at 28 days compared to a 27% reduction in the placebo group.

It added that by day 58, the soquelitinib group continued to improve with a 69.1% mean Eczema Area and Severity Index reduction score, while the placebo group showed a 19.1% reduction.

The drug developer said no significant safety issues were observed during the study.

The company also said that Samlyn Capital, which holds warrants to purchase 3.6 million shares, has submitted exercise notices for all warrants before the June 30, 2025 expiration date to generate about $12.7 million in proceeds.

Shares were down over 33% in recent premarket activity.