Contineum Therapeutics, INC. (CTNM) Announces April 5th IPO

Contineum Therapeutics, INC. (CTNM) is planning to raise $150 million in an IPO on Friday, April 5th, IPO Scoop reports. The company plans to issue 8,800,000 shares at $16.00-$18.00 per share.

In the last twelve months, Contineum Therapeutics, INC. generated $50 million in revenue and $22.7 million in net income. Contineum Therapeutics, INC. has a market cap of $459.9 million.

Goldman Sachs, Morgan Stanley, Stifel and RBC Capital Markets acted as the underwriters for the IPO.

Contineum Therapeutics, INC. provided the following description of their company for its IPO: ”  We are a clinical stage biopharmaceutical company focused on discovering and developing novel, oral small molecule therapies that target biological pathways associated with specific clinical impairments for the treatment of neuroscience, inflammation and immunology (NI&I) indications – initially idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (progressive MS) with high unmet need. (Incorporated in Delaware) We have focused our efforts on developing selective compounds targeting challenging molecular pathways, and through these efforts, have built a portfolio of small molecule drug candidates. Our wholly-owned lead asset, PIPE-791, is a novel, brain penetrant, small molecule inhibitor of the lysophosphatidic acid 1 receptor (LPA1R) in development for idiopathic pulmonary fibrosis (IPF) and progressive multiple sclerosis (Progressive MS). LPA1R antagonism is a clinically validated mechanism, and we believe that our preclinical studies and Phase 1 healthy volunteer data support the continued development of PIPE-791 for both IPF and Progressive MS. Specifically, based on its high bioavailability, low plasma protein binding, and long receptor residence time in our preclinical studies compared to the preclinical data of other LPA1 antagonists that we know are currently in development, we also believe PIPE-791 has the potential to be a differentiated LPA1R therapy. We completed a Phase 1 clinical trial of PIPE-791 in healthy volunteers in support of clinical development in both IPF and Progressive MS. We plan to submit a Clinical Trial Authorization (CTA) to the Medicines and Healthcare products Regulatory Agency (MHRA) to commence a Phase 1b open-label trial of PIPE-791 to measure the relationship of pharmacokinetics (PK) to lung and brain receptor occupancy by positron emission tomography (PET) imaging in 2024. This Phase 1b trial will inform dose selection for our planned future Phase 2 trials of PIPE-791 in IPF and Progressive MS. Our second drug candidate, PIPE-307, is a novel, small molecule selective inhibitor of the muscarinic type 1 M1 receptor (M1R), in development for depression and relapse remitting MS (RRMS). M1R antagonism has been clinically validated in third-party trials in both depression and RRMS by scopolamine and clemastine, respectively. We have completed two Phase 1 trials of PIPE-307 in healthy volunteers and have initiated a Phase 2 trial of PIPE-307 for the potential treatment of RRMS. To our knowledge, PIPE-307 is the most clinically advanced selective M1R antagonist in development. We are developing PIPE-307 in collaboration with Johnson & Johnson (J&J). In addition, we are leveraging our drug discovery capabilities synergistically with our clinical portfolio. In January 2024, we nominated and commenced preclinical studies for CTX-343, a peripherally-restricted (unable to cross the blood brain barrier (BBB)) LPA1R antagonist. In parallel, we are actively conducting preclinical and discovery-phase experiments targeting other NI&I indications where our internally-discovered molecules may have therapeutic potential. We have assembled a portfolio of novel and proprietary small molecule programs that we believe can modulate innate pathways to restore function in NI&I indications, as outlined in the table below. We retain worldwide rights to our LPA1R programs and discovery portfolio, and we have partnered with J&J for the development and potential commercialization efforts of PIPE-307. *Note: Net income and revenue are for the year that ended Dec. 31, 2023. (Note: Contineum Therapeutics, Inc. disclosed terms for its IPO in an S-1/A filing dated April 1, 2024: 8.8 million shares at a price range of $16.00 to $18.00 to raise $149.6 million.)      “.

Contineum Therapeutics, INC. was founded in 2009 and has 31 employees. The company is located at 10578 Science Center Drive, Suite 200 San Diego, California 92121 and can be reached via phone at (858) 333-5280 or on the web at http://www.contineum-tx.com/.