Contineum Therapeutics, a biotech corporate creating medication for packages in neurological issues in addition to immunology and irritation indications, has raised $110 million in IPO money to reinforce a pipeline that features a lead program in early scientific construction for fibrosis.

San Diego-based Continuem had to decrease its expectancies so as to continue with the inventory sale. In initial monetary phrases set previous this week, the corporate aimed to supply 8.8 million stocks for $16 to $18 every, which might have raised $149.6 million on the pricing midpoint. However past due Thursday, Contineum priced its providing of 6.75 million stocks at $16 apiece. The ones stocks will business at the Nasdaq underneath the inventory image “CTNM.”

Contineum’s lead wholly owned asset, PIPE-791, is in Segment 1 trying out for idiopathic pulmonary fibrosis (IPF), a protracted dysfunction wherein the accumulation of scar tissue, or fibrosis, results in a revolutionary lack of lung serve as that turns into deadly. The authorized IPF medication most effective sluggish the illness’s development they usually deliver a variety of systemic negative effects. The desire for brand new and higher remedies has attracted many corporations into IPF analysis.

The objective of PIPE-791 is lysophosphatidic acid 1 (LPA1), a receptor that contributes to fibrosis when activated. Contineum’s drug is a small molecule designed to dam this receptor. Different corporations creating LPA1 receptor blockading medication come with Bristol Myers Squibb, AbbVie, Horizon Therapeutics, and Construction Therapeutics. Different corporations are pursuing different objectives for IPF.

A couple of sclerosis is some other illness goal for PIPE-791. Within the IPO submitting, Contineum notes that ranges of LPA, a pro-inflammatory protein, are increased in MS sufferers, and would possibly give a contribution to the development of the illness. The Contineum drug’s skill to penetrate into the mind gives the prospective to regard MS. In preclinical analysis, Contineum mentioned blockading the LPA1 receptor lowered neuroinflammation and promoted the formation of latest myelin sheaths on axons that misplaced this protecting layer.

MS could also be the point of interest of PIPE-307, a Contineum drug candidate approved through Johnson & Johnson. This small molecule is designed to selectively block the M1 receptor, which has attainable packages in MS and despair. Even though J&J now has world rights to broaden PIPE-307 for all indications, the settlement lets in Contineum to broaden the molecule for relapsing and remitting types of MS. A Contineum Segment 2 learn about is ongoing.

Contineum, which lines its origins to a startup advent engine of Versant Ventures, used to be previously referred to as Pipeline Therapeutics. On the finish of final yr, the corporate modified its identify. Contineum reported a $15.5 million money place in conjunction with $109.6 million in marketable securities on the finish of 2023. In keeping with the IPO submitting, Contineum plans to spend about $66 million on lead program PIPE-791, taking the drug thru Segment 2 trying out in IPF and revolutionary MS.

Some other $16.2 million is deliberate for the finishing touch of the Segment 2 check of PIPE-307 in relapsing and remitting MS. Continuem didn’t specify timelines for the ones plans. Within the submitting, the corporate mentioned it expects its capital is enough to final throughout the finish of 2028. That projection assumes Contineum receives no further bills from the J&J collaboration and the corporate does no longer workout its technique to fund a portion of Segment 3 construction of the partnered drug in any indication.

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