Contineum holds steady after pricing downsized IPO

05 Apr 2024
firstwordpharma.com
IPOPhase 2
Shares of Continuem Therapeutics took a relatively small dip on Friday – about 4% – after pricing its $110 million IPO late the night before. While the number of biotechs to make it through the IPO window this year is certainly greater than the previous two, Contineum’s offering is the latest in a string of lacklustre public debuts that suggest biotech isn’t quite back yet.
The neurology and inflammation-focused company sold 6.9 million Class A shares at $16 a piece, at the bottom of its proposed $16 to $18 range and downsized from its originally planned 8.8 million offering, which would’ve raised $150 million at the midpoint.
Contineum plans to use the funds to further clinical development of its two lead programmes: LPA1R antagonist PIPE-791 is in early clinical development for idiopathic pulmonary fibrosis and progressive multiple sclerosis (MS); and M1 muscarinic receptor antagonistM1 muscarinic receptor antagonist PIPE-307 is in Phase II testing for relapsing/remitting MS. Johnson & Johnson, which has an exclusive worldwide licence to PIPE-307, plans to start a Phase II trial of the candidate this year to treat depression.
Although CG Oncology’s massively upsized offering at the beginning of the year seemed to signal a recovering IPO marketplace, public financings have since chilled. Seven IPOs went out the door in the first quarter, versus four during the same period in 2023 – but still far short of the 31 public debuts in the first quarter or 2021. For more analysis, see Vital Signs: Taking the temperature on a cooling IPO cycle.
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