Contineum Therapeutics, a Phase 1 biotech developing small molecule therapies for NI&I indications, filed on Friday with the SEC to raise up to $150 million in an initial public offering.
Contineum Therapeutics is focused on discovering and developing novel, oral small molecule therapies for the treatment of neuroscience, inflammation, and immunology (NI&I) indications with high unmet need. Its wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor in development for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (Progressive MS). The company has completed a Phase 1 trial of PIPE-791 in healthy volunteers in both indications, and it plans to submit a Clinical Trial Authorization to the Medicines and Healthcare products Regulatory Agency to commence a Phase 1b open-label trial in 2024. Contineum is collaborating with Johnson & Johnson on its second candidate, PIPE-307, which has entered a Phase 2 trial in relapse remitting MS.
The San Diego, CA-based company was founded in 2009 and booked $50 million in license revenue for the 12 months ended December 31, 2023. It plans to list on the Nasdaq under the symbol CTNM. Goldman Sachs, Morgan Stanley, Stifel, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
