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EXHIBIT 99.1 Corvus Pharmaceuticals Provides Business Update and Reports Third Quarter 2021 Financial Results BURLINGAME , Calif . , Nov. 01 , 2021 ( GLOBE NEWSWIRE ) -- Corvus Pharmaceuticals , Inc. ( Nasdaq : CRVS ) , a clinical - stage biopharmaceutical company , today provided a business update and reported financial results for the third quarter ended September 30 , 2021 . " Corvus is a leader in the development of precisely targeted therapies targeting the adenosine pathway . This includes mupadolimab , our anti - CD73 antibody , and ciforadenant , our small molecule antagonist of the adenosine A2A receptor , " said Richard A. Miller , M.D. , co - founder , president and chief executive officer of Corvus . “ We continue to advance mupadolimab with a focus on non - small cell lung cancer ( NSCLC ) and HPV positive ( human papilloma virus ) head and neck cancers ( HNSCC ) . Two expansion cohorts in our Phase 1b / 2 trial are enrolling patients with these tumors and we are evaluating treatment with a combination of mupadolimab and pembrolizumab . We believe mupadolimab is well positioned to potentially improve patient outcomes based on its mechanism of inhibiting immunosuppressive adenosine in the tumor microenvironment and by enhancing immune responses to the tumor . Its novel immune enhancing properties are based on its known B cell stimulating activities , which have been observed in our cancer and COVID - 19 clinical trials . We also continue to expand our other oncology programs , including with our Chinese partner , Angel Pharmaceuticals , who recently received an IND approval notice in China to initiate Phase 1 / 1b clinical development of CPI - 818 for the treatment of T cell lymphomas . " 2021 Key Areas of Focus The Company is efficiently advancing its clinical programs – mupadolimab , CPI - 818 and ciforadenant – along with pre - clinical programs in its pipeline . The highlights from the Company's clinical pipeline include : Mupadolimab for NSCLC and Head and Neck Cancer • The Company has completed enrollment of patients with NSCLC and Head and Neck Cancer in its Phase 1 / 1b clinical trial of mupadolimab monotherapy ; combination with ciforadenant , Corvus ' small molecule inhibitor of the A2A receptor ; combination with pembrolizumab ; or triplet combination with ciforadenant and pembrolizumab . We anticipate that the results will be presented at the annual meeting of the Society of Immunotherapy of Cancer ( SITC ) in November 2021 . Mupadolimab for HPV + Oropharyngeal Cancer of the Head and Neck • The Company is enrolling a Phase 1b / 2 clinical trial in patients with HPV + oropharyngeal cancers that have failed previous treatment with anti - PD - 1 therapy and chemotherapy . Up to 15 patients will be enrolled in this clinical trial and will receive mupadolimab in combination with pembrolizumab . The endpoint of the clinical trial is response rate and initial results are anticipated in 2022 . Mupadolimab for NSCLC • In September 2021 , the Company began enrolling patients in a Phase 1b / 2 clinical trial in patients with relapsed refractory NSCLC who have failed previous treatment with anti - PD ( L ) -1 therapy and chemotherapy . Up to 15 patients will be enrolled in this clinical trial and will receive mupadolimab in combination with pembrolizumab . The endpoint of the trial is response rate and results are anticipated to be reported in 2022 . Mupadolimab for Viral Associated Cancers and Viral Diseases • The Company is evaluating mupadolimab in other viral associated tumors such as cancer of the cervix and head and neck cancers caused by Epstein Barr virus ( EBV ) , which is a member of the herpes virus family and one of the most common human viruses . • The Company is evaluating partnership opportunities to continue the development of mupadolimab as a therapeutic for the treatment of COVID - 19 . We believe this approach is supported by results from the Company's discontinued Phase 3 randomized , double blind placebo - controlled clinical trial of mupadolimab for hospitalized patients with COVID - 19 , which were published in September . The primary endpoint of the clinical trial was the proportion of patients progressing to respiratory failure or death during the 28 days after dosing with either mupadolimab 2mg / kg , 1mg / kg or placebo . Forty patients were enrolled in the clinical trial prior to its voluntary discontinuation . In the 2mg / kg cohort , 93.3 % of patients were alive and free from respiratory failure , compared to 85.7 % in the 1mg / kg cohort and 81.1 % in the placebo cohort . In addition , positive trends favoring mupadolimab treatment compared to placebo were seen for all the key secondary endpoints , including time to clinical improvement , time to sustained clinical improvement and time to hospital discharge . Due to the number of participants enrolled in the trial before it was discontinued , the foregoing results were not sufficiently powered for statistical significance . CPI - 818 Phase 1 / 1b Clinical Trial for T cell Lymphoma in Partnership with Angel Pharmaceuticals • The Company's ongoing Phase 1 / 1b trial with CPI - 818 has been expanded to enroll patients with certain types of T cell leukemias in addition to T cell lymphomas . • The Company's partner in China , Angel Pharmaceuticals , plans to initiate a Phase 1 / 1b clinical trial of CPI - 818 for the treatment of refractory T cell lymphomas , with the potential to expand into autoimmune diseases over time . In October , the Center for Drug Evaluation ( CDE ) of the China National Medical Products Administration ( NMPA ) approved Angel's IND