Formerly Pipeline Therapeutics, Contineum joins Boundless Bio in the IPO queue, which was the first biotech in March to signal its public interest following the rapid-fire offerings of late January and early February. The mid-stage oncology company has yet to set terms for its offering.
The former is a brain penetrant compound that’s completed Phase I studies for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (MS). With the IPO proceeds, Contineum expects to start this year a Phase Ib PET imaging trial to measure the relationship of pharmacokinetics to lung and brain receptor occupancy, which will help inform dosing for Phase II trials for each indication.
Last year Contineum received $50 million upfront for rights to PIPE-307 and is eligible for up to $1 billion in milestones, plus low-double digit to high-teen tiered royalties. The company also received a $25 million equity investment from the US pharma’s venture capital arm, JJDC.
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