Constellation Pharmaceuticals, a US-based biopharmaceutical company backed by pharmaceutical firm GlaxoSmithKline, has filed to raise up to $86.3m in an initial public offering on the Nasdaq Global Market.
Founded in 2008, Constellation is applying epigenetics, the study of the modification of gene expression, to develop small-molecule therapies for patients suffering from cancers fuelled by abnormal gene expression or drug resistance.
Part of the IPO proceeds will fund phase 1b/2 clinical trials for the company’s lead drug candidate, CPI-1205, in metastatic castration resistant prostate cancer and solid tumours.
Additional cash will support development of CPI-0610, a candidate for the treatment of a bone marrow disorder known as myelofibrosis, and CPI-0209, which could theoretically be used to address several cancer types.
Constellation has raised $229m in equity financing, most recently capturing $100m in an April 2018 round backed by GlaxoSmithKline’s corporate venturing unit, SR One, and financial services and investment group Fidelity Management and Research.
The round also included University of California Investment Office, Cormorant Asset Management, Deerfield Management, Hillhouse Capital, NS Investment, OrbiMed, Venrock Healthcare Partners, Column Group, Third Rock Ventures, Topspin Partners, Casdin Capital and Sirona Capital.
SR One, Column Group, Third Rock Ventures, Altitude Life Science Ventures and Venrock had all taken part in a series B round for the company that closed at $52m in 2011.
Constellation added $55.8m in a 2015 round co-led by Topspin Partners and the regents of the University of California that included SR One, Third Rock, Column Group and Venrock.
SR One owns less than 5% of Constellation’s stock, according to the IPO filing. Its main shareholders are Column Group (21.7%), Third Rock (12.7%), Venrock (11.1%), the regents of the University of California (10%), Topspin (8.2%) and Cormorant Asset Management (5.9%).
JP Morgan Securities, Jefferies, BMO Capital Markets and Oppenheimer have been appointed underwriters for the offering.