Johnson & Johnson Partner Contineum Therapeutics Files for $136M IPO to Advance Oral Small Molecule Pipeline in Neuroinflammation and Fibrosis
Johnson & Johnson
Medical Device R&D and Manufacturer
Recently, according to a document filed with securities regulators, Contineum Therapeutics, a company incubated by Versant Ventures and in collaboration with Johnson & Johnson（Johnson & Johnson）The small molecule manufacturer that has launched cooperation plans to officially go public this week. The company plans to issue 8.8 million shares, with an expected offering price of $16 to $18 per share, raising an estimated total of approximately $136 million, equivalent to about 983 million yuan. This move is expected to inject strong momentum into the company's future development.
Contineum Therapeutics is a clinical-stage biopharmaceutical company focused on neuroscience, inflammation, and immunology (NI&I) indications, dedicated to discovering and developing novel oral small-molecule therapies. The company is currently collaborating with Johnson & Johnson to co-develop the M1R selective inhibitor PIPE-307. According to Contineum's IPO filing, the company is actively conducting a Phase II trial for relapsing/remitting multiple sclerosis (RRMS), while Johnson & Johnson plans to initiate another Phase II trial this year for a depression drug. Based on Contineum’s updated S-1 filing, the company has allocated approximately $16.2 million to complete the second phase of the RRMS trial.
At the same time, this biotechnology company aims to enter a field currently dominated by Bristol Myers Squibb and could potentially engage in fierce market competition with pharmaceutical giants such as Amgen and AbbVie, who are researching antagonists of lysophosphatidic acid receptor 1 (LPA1R). With its exceptional R&D capabilities and innovative strength, Contineum Therapeutics is well-positioned to stand out in this challenging yet promising field, achieving rapid growth and expansion.
Contineum plans to launch a Phase 1b trial this year to test the efficacy of its candidate drug PIPE-791 in treating IPF and progressive MS. BMS is currently conducting a Phase 3 trial for IPF. In May last year, BMS's candidate drug BMS-986278 received positive reviews during its Phase 2 trial and was hailed by researchers as a "potential first-in-class drug." In the field of progressive multiple sclerosis, Contineum Therapeutics is confident in its ability to break new ground. According to its S-1 filing, the company is currently the only clinical-stage company with a brain-penetrant LPA1R antagonist targeting the disease. Additionally, Contineum is actively developing a peripherally restricted LPA1R antagonist, which is currently in the preclinical stage.
According to the IPO document, the company plans to invest approximately $66 million in PIPE-791. By the end of 2023, the biotechnology firm had $125 million in cash, equivalents, and marketable securities. According to the document, its R&D expenditure increased from $16.8 million in 2022 to $27.6 million last year.
References:
ｗｗｗ.endpts.com
www.contineum-tx.com
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