IPOs

Centrexion eyes $70M-$80M in IPO with big plans for PhIII non-opioid painkiller

With both of Centrexion’s Phase III registration studies in full swing, Jeff Kindler is angling for as much as $80 million in IPO cash to tackle a “pain crisis” head on — the majority of which will be spent on its lead asset.

The Boston, MA-based company is offering 5 million shares between $14 and $16. At the midpoint, that would translate to a market value of $354 million.

Jeff Kindler

Under the leadership of Kindler, a former CEO at Pfizer, Centrexion has burned through $125.7 million building up what it calls “one of the industry’s largest pipelines of novel, non-opioid and non-addictive, clinical-stage product candidates for the treatment of chronic pain.”

Among them, Centrexion is betting most intently on CNTX-4975, which inactivates local pain fibers by targeting TRPV1 — also known as the capsaicin receptor. Administered through a single injection to the knee joint, it’s designed to provide pain relief for osteoarthritis patients for months.

The plan is to spend $52 million to $54 million on the Phase III program and pre-commercialization efforts — the latter to be led by recently appointed chief commercial officer Andrew Partridge, formerly of Vertex and Amgen — Centrexion writes in its S-1A.

If all goes according to plan, topline results from a safety trial will come out in the second half of 2019, before Centrexion reports data from both of its Phase III trials in 2020 that it hopes will lead to marketing applications in the US and Europe later in 2021.

As for the three Phase I assets in the pipeline:

  • CNTX-0290 gets $12 million to $14 million devoted to the completion of Phase I development and initiation of a Phase 2 trial for chronic pain;
  • CNTX-6016 gets $6 million to $8 million for Phase I development;
  • CNTX-6970 gets $5 million to $7 million to wrap Phase I and begin Phase II, also in chronic pain.

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