Contineum says it will seek $136M in IPO to back its mid-stage neuro drug

Contineum Therapeutics has set a price range for its upcoming IPO and plans to sell 8.8 million shares between $16 and $18 apiece.

Its expected entry onto the market later this week follows fellow San Diego biotech Boundless Bio, and Contineum $CTNM would raise about $136 million in its Nasdaq debut, according to a Monday securities filing. Incubated by Versant Ventures, the Johnson & Johnson-partnered small molecule maker was previously known as Pipeline Therapeutics.

Biotech investors have been anticipating a better year for IPOs than 2023. And while Contineum is scheduled to be the eighth biotech IPO of the year, it may be a longer wait for the next one — no other drug developers have revealed their pitch to go public.

With its lead drug candidate in Phase 2 testing for multiple sclerosis, Contineum…
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