Constellation Pharma Closes in on IPO

Constellation Pharmaceuticals has registered an amended S-1 form with the U.S. Securities and Exchange Commission (SEC) for its initial public offering (IPO). The company intends to price its 5.34 million shares in the range of $14 to $16 per share, with an overallotment option for an additional 801,000 shares. At the maximum price, the entire offering is valued up to $98.26 million. The company expects to list its shares on the Nasdaq under the symbol CNST.

The underwriters for the offering are JPMorgan, Jefferies, BMO Capital Markets and Oppenheimer.

This clinical-stage biopharmaceutical company uses its expertise in epigenetics to discover and develop novel therapeutics that address serious unmet medical needs in patients with cancers associated with abnormal gene expression or drug resistance.

Its integrated epigenetics platform enables the firm to validate targets and generate small molecules against these targets that selectively modulate gene expression in tumor and immune cells to drive anti-tumor activity. Platform insights and clinical experience guide development of Constellation’s wholly owned lead product candidates: CPI-1205, which inhibits enhancer of zeste homolog 2, or EZH2; and CPI-0610, which inhibits bromodomain and extra terminal domain proteins.

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Management believes that its approach to targeting these central gene regulatory mechanisms associated with cancer proliferation may enable it to provide therapeutic benefits to cancer patients.

Constellation currently estimates that it will use the net proceeds from this offering, together with its existing cash and cash equivalents, as follows:

• Approximately $32.0 million to fund the clinical development of CPI-1205 for the treatment of metastatic castration resistant prostate cancer, or mCRPC;
• Approximately $20.0 million to fund the clinical development of CPI-1205 for the treatment of solid tumors;
• Approximately $28.0 million to fund the clinical development of CPI-0610 for the treatment of myelofibrosis;
• Approximately $7.0 million to fund the development of CPI-0209;
• Approximately $19.0 million to advance our current pipeline of preclinical candidates and to research and develop additional preclinical product candidates using our platform;
• The remainder for working capital and other general corporate purposes, including general and administrative expenses, internal research and development expenses and increased headcount and internal capabilities.

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