Cullinan Management is scheduled to make its debut on the Nasdaq Global Select Market today (January 8), under the ticker symbol “CGEM.”
Cambridge, Massachusetts-based Cullinan Management, Inc., which was founded in 2016, is a biopharmaceutical company developing oncology and immuno-oncology therapies with transformative potential for cancer patients.
The company, previously known as Cullinan Oncology, has offered to sell 11.9 million shares of its common stock at a price of $21 each. The underwriters have an option for a period of 30 days to purchase up to an additional 1.785 million shares.
The offering, which is scheduled to close on January 12, 2021, is expected to fetch gross proceeds of about $249.9 million for the company.
Underwriters of the IPO:
Morgan Stanley & Co. LLC, SVB Leerink LLC, Evercore Group LLC, H.C. Wainwright & Co., LLC
Pipeline:
— The company’s lead candidate, CLN-081, is an orally available small molecule irreversible EGFR inhibitor, currently in a Phase 1/2a trial as a treatment for adult non small cell lung cancer (NSCLC) patients with EGFR exon 20 insertion mutations, and the clinical update is expected in the first half of 2021.
— CLN-049, a bispecific antibody targeting FLT3 and CD3, for the treatment of acute myeloid leukemia (AML), which has completed IND-enabling studies. Submission of IND for CLN-049 is expected in the first quarter of 2021.
— CLN-619, a MICA/B-targeted, humanized IgG1 monoclonal antibody designed to stimulate NK and T cell responses for the treatment of patients with advanced solid tumors. CLN-619 has completed IND-enabling studies, for which the submission of IND is expected in the first half of 2021.
–CLN-617, for the treatment of solid tumors, is under preclinical stage, and the submission of IND is expected in 2022.
— CLN-978, for the treatment of B-cell acute lymphoblastic leukemia (ALL), is in preclinical development and the submission of IND is expected in 2022.
–Opal, a bispecific fusion protein that blocks the PD-1 axis and to selectively activate the 4-IBB/CD137 pathway on T cells in tumors, is under discovery-stage.
–Jade, a cell therapy targeting novel senescence and cancer-related protein, is also under discovery-stage.
The company currently holds worldwide development and commercialization rights to each of its therapeutic candidates, except for CLN-081 in Japan and Greater China (China, Hong Kong, Taiwan and Macau)
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