Contineum next up to test IPO waters, shoots for $150 million raise
01 Apr 2024
Phase 1Phase 2Cell TherapyIPO
Contineum set terms on Monday for its public debut, which could help benchmark the market’s enthusiasm for biotech IPOs as the most recent emergents on NASDAQ have struggled to keep their share prices up.
The neurology and inflammation-focused company proposed to sell 8.8 million shares at a range of $16 to $18 each; at the midpoint, Continuum would raise $149.6 million.
The funds are expected to fuel clinical development of Contineum’s two lead oral small molecules. LPA1R antagonist PIPE-791 has finished Phase I studies for idiopathic pulmonary fibrosis and progressive multiple sclerosis (MS); and M1 muscarinic receptor antagonistM1 muscarinic receptor antagonist PIPE-307 is in Phase II testing for relapsing/remitting MS.
Johnson & Johnson, which has an exclusive worldwide licence to PIPE-307, plans to start a Phase II trial of the candidate this year to treat depression.
All but three biotechs are trading down from their 2024 debuts. Cell therapy company Kyverna Therapeutics and cancer drug developer ArriVent Therapeutics are hovering just above their initial offering prices, and CG Oncology – which seemingly broke a two-year IPO drought with its massively upsized offering in January – is up 125%.
The latest to go public, cancer-focused Boundless Bio, has slipped about 15% after raising $100 million in March.
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