California-based biotech company Contineum Therapeutics has filed for an IPO to raise funds for the development of its small molecule drugs, with a focus on multiple sclerosis and other neuroscience, inflammation, and immunology conditions. The IPO proceeds will be used to advance its lead candidates, PIPE-307 and PIPE-791, which show promise in the treatment of RRMS, IPF, and progressive MS.
Contineum Therapeutics Files for IPO to Advance Pipeline of Small Molecule Drugs
( Credit to: Biospace )
Contineum Therapeutics, a California-based biotech company, has filed for an initial public offering (IPO) to raise funds for the development of its pipeline of small molecule drugs. With a focus on multiple sclerosis (MS) and other neuroscience, inflammation, and immunology conditions, the company aims to advance its lead candidates, PIPE-307 and PIPE-791.
Contineum's IPO is expected to be completed within the year, with the company planning to list its shares on the Nasdaq Global Select Market under the ticker symbol CNTM. The funds raised from the IPO will be used to complete the Phase II trial for PIPE-307, which is being developed in collaboration with Johnson & Johnson for the treatment of relapse-remitting MS (RRMS).
PIPE-307 is a brain-penetrant small molecule inhibitor that targets the muscarinic type 1 M1 receptor (M1R). By blocking M1R in the brain, it is believed to promote the remyelination of neurons and repair nerve function in RRMS, according to a study conducted by Contineum scientists.
Advancing Treatment for Multiple Sclerosis and Other Conditions
Contineum is currently conducting a Phase II study to evaluate PIPE-307 as an adjunctive treatment for relapse-remitting MS. The company also has plans to explore the potential of PIPE-307 in the treatment of depression, with a Phase II study expected to be initiated later this year in collaboration with Johnson & Johnson.
In addition to PIPE-307, Contineum's lead asset, PIPE-791, is being developed for idiopathic pulmonary fibrosis (IPF) and progressive MS. PIPE-791 targets the lysophosphatidic acid 1 receptor (LPA1R) in IPF, which is involved in vascular leakage, fibroblast recruitment, and fibrosis. In progressive MS, PIPE-791 targets neuroinflammation and promotes remyelination, making it a promising candidate in the treatment of these conditions.
Collaboration with Johnson & Johnson and Promising Potential
Contineum's collaboration with Johnson & Johnson provides further support for its efforts in bringing potential treatments to patients. The global license and development deal signed in April 2023 includes an upfront payment of $50 million and potential milestone payments of up to $1 billion. This partnership highlights the promising potential of Contineum's small molecule drugs in the field of MS and other related conditions.
With the IPO funds, Contineum aims to advance its pipeline and complete the Phase II trial for PIPE-307 in RRMS. The company also plans to further develop PIPE-791 for IPF and progressive MS, as it is currently the only brain-penetrant LPA1R antagonist in clinical development for progressive MS.
Conclusion
Contineum Therapeutics' IPO filing marks an important step in the advancement of its pipeline of small molecule drugs. With a focus on multiple sclerosis and other neuroscience, inflammation, and immunology conditions, the company aims to bring promising treatments to patients. The collaboration with Johnson & Johnson and the potential of its lead candidates, PIPE-307 and PIPE-791, highlight the exciting possibilities for Contineum Therapeutics in the field of MS and related conditions.