Contineum Therapeutics, a Phase 1 biotech developing small molecule therapies for inflammatory diseases, raised $110 million by offering 6.9 million shares at $16, the low end of the range of $16 to $18. The company offered 1.9 million fewer shares than anticipated.
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.
Contineum Therapeutics plans to list on the Nasdaq under the symbol CTNM. Goldman Sachs, Morgan Stanley, Stifel, and RBC Capital Markets acted as joint bookrunners on the deal.
