MedCity News April 5, 2024
Contineum Therapeutics plans to spend most of its IPO cash on clinical testing of a lead drug candidate in development for idiopathic pulmonary fibrosis and multiple sclerosis. This small molecule blocks a competitive target pursued by several other companies, including Bristol Myers Squibb and AbbVie.
Contineum Therapeutics, a biotech company developing drugs for applications in neurological disorders as well as immunology and inflammation indications, has raised $110 million in IPO cash to support a pipeline that includes a lead program in early clinical development for fibrosis.
San Diego-based Continuem needed to lower its expectations in order to proceed with the stock sale. In preliminary financial terms set earlier this week, the company aimed to offer 8.8 million shares for $16...
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