Cullinan Management is scheduled to make its debut on the Nasdaq Global Select Market today (January 8), under the ticker symbol “CGEM.”<\/p>\n
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.<\/p>\n
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.<\/p>\n
The offering, which is scheduled to close on January 12, 2021, is expected to fetch gross proceeds of about \u00a0$249.9 million for the company.<\/p>\n
Underwriters of the IPO:<\/p>\n
Morgan Stanley & Co. LLC, SVB Leerink LLC, Evercore Group LLC, H.C. Wainwright & Co., LLC<\/p>\n
Pipeline:<\/p>\n
— 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.<\/p>\n
— 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.<\/p>\n
— 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.<\/p>\n
–CLN-617, for the treatment of solid tumors, is under preclinical stage, and the submission of IND is expected in 2022.<\/p>\n
— 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.<\/p>\n
–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.<\/p>\n
–Jade, a cell therapy targeting novel senescence and cancer-related protein, is also under discovery-stage.<\/p>\n
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) <\/p>\n