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Neuro and inflammation biotech Contineum Therapeutics sets terms for $150 million IPO

April 1, 2024

Contineum Therapeutics, a Phase 1 biotech developing small molecule therapies for IPF and multiple sclerosis, announced terms for its IPO on Monday.

The San Diego, CA-based company plans to raise $150 million by offering 8.8 million shares at a price range of $16 to $18. At the midpoint of the proposed range, Contineum Therapeutics would command a fully diluted market value of $490 million.

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 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. It is expected to price during the week of April 1, 2024.