With high hopes for its LPA1R antagonist program, Contineum Therapeutics Inc. has priced an IPO of 6.9 million shares of its class A common stock at $16 per share as it seeks to generate $110 million in gross proceeds. The San Diego-based company began trading on Nasdaq under the ticker CTNM on April 5, with shares ending the day at $15.40, down 3.8%. There have been nine other biopharma IPOs so far in 2024.
“A biotech company cannot survive on ‘drug efficacy’ alone,” former Korea Drug Development Fund (KDDF) CEO Hyunsong Muk said recently, “because novel drug development is not just a scientific problem.” Financial toxicity is, in fact, a major obstacle for biotech companies trying to advance preclinical candidates to early stage clinical trials, Muk said at Novo Nordisk A/S’ Partnering Day and Symposium on April 4 in Seoul, South Korea.
Microbiome specialist Enterobiotix Ltd. has raised £27 million (US$34.2 million) in a series B round as it starts a phase II trial of EBX-102-02 in the treatment of irritable bowel syndrome.
Building D&D Pharmatech Inc. has been a rollercoaster ride, according to CEO Seulki Lee. The U.S. and Korea-based biotech is on another ascent, having scored U.S. FDA fast track designation for its metabolic dysfunction-associated steatohepatitis (MASH) drug, ahead of its third attempt at a public listing.
In a sweet indication of an improving capital market for med-tech companies, Biolinq Inc. landed $58 million in bridge financing to support completion of the U.S. pivotal trial of its intradermal glucose sensor and submission to the U.S. FDA. The round brings the total raised to more than $170 million. With good response so far, the company is optimistic that it can attract more funding in short order. “Biolinq also plans to raise a series C financing of more than $100 million to support commercialization at the end of this year,” Biolinq CEO Rich Yang told BioWorld.
Alterome Therapeutics Inc. has closed a $132 million series B financing to support the advancement of its pipeline of next-generation, small-molecule targeted cancer therapies into the clinic, including a highly specific AKT1 E17K inhibitor and a KRAS selective inhibitor.
With a $128 million series A financing, Diagonal Therapeutics Inc. launched to develop its lead program using agonist antibodies for treating, among other indications, the rare disease hereditary hemorrhagic telangiectasia. The antibodies are designed to activate a receptor complex in the TGF-β superfamily genetically impaired in patients with the bleeding disorder. Diagonal also is developing a treatment for the orphan disease pulmonary arterial hypertension.
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