CGEM Cullinan Oncology Inc.

32.3
-1.88  -6%
Previous Close 34.18
Open 33.89
52 Week Low 27.01
52 Week High 59.85
Market Cap $1,405,570,837
Shares 43,516,125
Float 20,997,001
Enterprise Value $1,277,175,152
Volume 74,179
Av. Daily Volume 296,731
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Upcoming Catalysts

Drug Stage Catalyst Date
CLN-081
Non-Small Cell Lung Cancer
Phase 1/2
Phase 1/2
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Drug Pipeline

Drug Stage Notes
CLN-619
Solid tumors
Phase 1
Phase 1
Phase 1 IND filing due 2Q 2021.

Latest News

  1. CAMBRIDGE, Mass., April 07, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan") announced today that the company's Chief Financial Officer, Jeff Trigilio, will present at the upcoming 20th Annual Needham Virtual Healthcare Conference.

    Event: Needham Virtual Healthcare Conference
    Date: Tuesday, April 13th
    Time: 11:45am EDT
    Location: Virtual

    The presentation will be accessible through the Needham conference portal for registered attendees only. Investors interested in scheduling a meeting with Mr. Trigilio should contact their Needham & Company representative.

    About Cullinan Oncology

    Cullinan Oncology is a biopharmaceutical company that seeks to drive shareholder returns by focusing on the patient. The Company's strategy…

    CAMBRIDGE, Mass., April 07, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan") announced today that the company's Chief Financial Officer, Jeff Trigilio, will present at the upcoming 20th Annual Needham Virtual Healthcare Conference.

    Event: Needham Virtual Healthcare Conference

    Date: Tuesday, April 13th

    Time: 11:45am EDT

    Location: Virtual

    The presentation will be accessible through the Needham conference portal for registered attendees only. Investors interested in scheduling a meeting with Mr. Trigilio should contact their Needham & Company representative.

    About Cullinan Oncology

    Cullinan Oncology is a biopharmaceutical company that seeks to drive shareholder returns by focusing on the patient. The Company's strategy is to build a diversified pipeline of targeted and immuno-oncology therapeutic candidates that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these attributes. Learn more about Cullinan at www.cullinanoncology.com.

    Contacts:

    Investor Relations

    Jeff Trigilio

    +1 617.410.4650



    Primary Logo

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  2. Pipeline Progress: Clinical and preclinical programs continue to advance, with encouraging initial Cullinan Pearl data and additional INDs to be filed in 2021 for immuno-oncology assets Cullinan Florentine and Cullinan MICA

    Balance Sheet: Completion of Series C financing ($131.2M) in December 2020 and IPO ($287.4M) in January 2021 enhances cash position, enabling pipeline progression / expansion

    Team: Key hires augment immuno-oncology acumen (CMO Jon Wigginton) and enhance business development capabilities (CFO Jeff Trigilio and CLO Ray Keane)

    CAMBRIDGE, Mass., March 30, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan"), an oncology company seeking to drive shareholder returns by focusing on the patient, today…

    Pipeline Progress: Clinical and preclinical programs continue to advance, with encouraging initial Cullinan Pearl data and additional INDs to be filed in 2021 for immuno-oncology assets Cullinan Florentine and Cullinan MICA

    Balance Sheet: Completion of Series C financing ($131.2M) in December 2020 and IPO ($287.4M) in January 2021 enhances cash position, enabling pipeline progression / expansion

    Team: Key hires augment immuno-oncology acumen (CMO Jon Wigginton) and enhance business development capabilities (CFO Jeff Trigilio and CLO Ray Keane)

    CAMBRIDGE, Mass., March 30, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan"), an oncology company seeking to drive shareholder returns by focusing on the patient, today announced its financial results for the full year ended December 31, 2020 and reported on recent business highlights.

    "We are proud of the significant progress across many facets of our business in 2020 and intend to maintain that momentum in 2021," stated Owen Hughes, Chief Executive Officer of Cullinan. "We remain laser focused on delivering results for our various stakeholders through disciplined capital allocation, decisive action, prudent risk taking and creative business development. We look forward to sharing additional clinical and pre-clinical updates as the year unfolds."

    2020 and Recent Portfolio Highlights:

    • Cullinan Pearl: Demonstrated encouraging clinical proof of concept for CLN-081 in NSCLC patients with EGFRex20ins mutations and initiated Phase 2a dose expansion in the 100 mg BID cohort.



      CLN-081 is an orally available, irreversible EGFR inhibitor that is designed to selectively target cells expressing mutant EGFR variants while sparing cells expressing wild type EGFR. Cullinan is evaluating various doses of CLN-081 in a Phase 1/2a trial in patients with NSCLC harboring EGFRex20ins mutations that have progressed post chemotherapy. As of the November 10, 2020 data cut-off, among 25 evaluable patients across all dose cohorts, we observed a best overall response of partial response in 10 patients (confirmed and unconfirmed), stable disease in 14 patients and disease progression in one patient. Cullinan recently initiated Phase 2a dose expansion at the 100 mg BID dosing level, which will enable enrollment of up to 36 patients at this dose level, inclusive of 13 previously enrolled patients. Cullinan is contemplating additional expansion cohorts and intends to provide updated safety and efficacy data in mid-2021.
    • Cullinan MICA: Advanced CLN-619 through IND-enabling activities, including drug product manufacturing, to support an IND submission planned for the second quarter of 2021.



      CLN-619 is a MICA/B-targeted, humanized IgG1 monoclonal antibody that Cullinan intends to develop in patients with advanced solid tumors. MICA/B are stress-induced ligands expressed on tumor cells and recognized by the activating NKG2D receptor present on innate and adaptive immune cells. To evade potential cytotoxic destruction by NK cells and T cells, tumors shed MICA/B from the cell surface. CLN-619 is designed to promote an antitumor response through multiple mechanisms of action, including preventing the proteolytic cleavage of MICA/B from cancer cells.
    • Cullinan Florentine: Acquired an exclusive license from the German Cancer Research Center (DKFZ) and the University of Tübingen to develop CLN-049, a novel FLT3 x CD3 bispecific antibody for the treatment of patients with acute myeloid leukemia (AML).



      CLN-049 is a humanized bispecific antibody targeting FLT3 on target leukemic cells and CD3 on T cells, triggering cancer cell lysis via T cell cytolytic mechanisms. FLT3 is expressed frequently on AML cells and leukemic blasts but minimally on healthy blood cells, unlike other tumor surface antigens such as CD33 and CD123. Cullinan submitted an IND to the U.S. Food and Drug Administration ("FDA") for its first-in-human clinical trial evaluating CLN-049 in relapsed or refractory AML patients in January 2021. After receiving FDA feedback, Cullinan is updating the clinical protocol and intends to resubmit its IND in mid-2021.
    • Cullinan Amber: Launched Cullinan Amber, a company focused on developing a next generation immuno-oncology platform to deliver immune-stimulatory cytokine combinations with an enhanced therapeutic window for the treatment of cancer.



      Cullinan Amber's lead program, CLN-617, is a fusion protein uniquely combining in a single agent two potent antitumor cytokines, IL-2 and IL-12, with a collagen-binding domain for the treatment of solid tumors. The collagen-binding domain engineered into CLN-617 is designed to retain cytokines in the tumor microenvironment following intratumoral administration, thereby minimizing systemic dissemination and associated toxicities while prolonging immunostimulatory antitumor activity. In preclinical studies, murine surrogates of CLN-617 demonstrated robust single agent antitumor activity in both injected and non-injected contralateral tumors without inducing systemic toxicity. Cullinan expects to submit an IND for CLN-617 in 2022.
    • Cullinan NexGem: Initiated IND-enabling studies for CLN-978, an internally derived asset that seeks to address the limitations of existing CD19 bispecific antibodies.



      CLN-978 is a half-life extended, humanized, single-chain T cell engager designed to simultaneously engage CD19 on target cancer cells and CD3 on T cells, triggering redirected T cells to lyse the target cancer cells. In addition to CD19 and CD3 binding domains, CLN-978 has a human serum albumin binding domain, which is designed to prolong half-life. Several design components of CLN-978, including its high affinity binder to CD19, its serum half-life extension component and its overall stability, are intended to address limitations related to blinatumomab, the only CD19-targeting bispecific T cell engager approved for the treatment of relapsed or refractory B-cell acute lymphoblastic leukemia, or ALL. Cullinan expects to submit an IND for CLN-978 in 2022.

    2020 and Recent Corporate Highlights:

    • Executed a strategic collaboration and licensing agreement in December 2020 with Zai Lab (Shanghai) Co., Ltd. ("Zai Lab") to develop and commercialize CLN-081 in Greater China.
    • Raised $131.2 million in gross proceeds from an oversubscribed Series C financing in December 2020, which broadened Cullinan's shareholder base to include additional leading life sciences focused institutions.
    • Completed an oversubscribed initial public offering (IPO). In January 2021, Cullinan announced the closing of its IPO of 13,685,000 shares of common stock, including the exercise in full by the underwriters of their over-allotment option, at a public offering price of $21.00 per share for gross proceeds of $287.4 million before deducting underwriting discounts and commissions and other offering expenses.
    • Strengthened and expanded Cullinan's management team and Board of Directors in 2020 by promoting Jennifer Michaelson, PhD, to Chief Development Officer, Biologics, and by adding Jon Wigginton, M.D. as Chief Medical Officer, Jeff Trigilio as Chief Financial Officer, and Raymond T. Keane, Esq. as Chief Legal Officer, along with Stephen Webster to its Board of Directors.

    Financial Results for Full Year 2020

    • Cash Position: Cash, cash equivalents and short-term investments were $210.2 million as of December 31, 2020, compared to $98.6 million as of December 31, 2019. This does not include $264.7 million in net proceeds from the company's IPO completed in January 2021 nor does it include upfront proceeds from the Zai Lab transaction, which were received in Q1 2021. Net cash used in operating activities was $29.8 million while net cash provided from financing activities was $140.1 million for the year ended December 31, 2020.
    • R&D Expenses: Research and development expenses were $43.2 million for the year ended December 31, 2020, including $5.9 million of non-cash equity-based compensation expense and $6.4 million of non-cash IPR&D expense related to the Cullinan MICA transaction, which was treated as an asset acquisition.
    • G&A Expenses: General and administrative expenses were $17.1 million, including $9.0 million of non-cash equity-based compensation expense.
    • Net loss: The Company's net loss was $59.5 million for the year ended December 31, 2020, which included $22.8 million of non-cash charges.

    About Cullinan Oncology



    Cullinan Oncology is a biopharmaceutical company that seeks to drive shareholder returns by focusing on the patient. The Company's strategy is to build a diversified pipeline of targeted and immuno-oncology therapeutic candidates that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these attributes. Learn more about Cullinan at www.cullinanoncology.com.

    Forward-Looking Statements



    This press release contains forward-looking statements of Cullinan Oncology, Inc. ("Cullinan," "we" or "our") within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, express or implied statements regarding Cullinan's beliefs and expectations regarding our preclinical and clinical development plans, clinical trial designs, clinical and therapeutic potential, and strategy of our product candidates, including but not limited to: the timing and success of our planned preclinical and clinical development of our programs, and the timing and success of any such continued preclinical and clinical development and planned regulatory submissions, including for CLN-081, CLN-619, CLN-049 and CLN-617; our plans to submit INDs for CLN-619 and CLN-617 in the second quarter of 2021 and in 2022, respectively; our plans to update our clinical protocol and planned resubmission of the IND for CLN-049 in mid-2021; our expectations and beliefs around the safety and activity of CLN-081 in our Phase 1/2a trial in patients with NSCLC harboring EGFRex20ins mutations that have had at least one prior treatment; our ability to evaluate strategic opportunities to accelerate development timelines; our plans to advance and complete preclinical studies for our programs; the presentation of additional data at upcoming scientific conferences in 2021; our ability to optimize the impact of our collaborations and license agreements with external parties, including but not limited to Zai Lab, the German Cancer Research Center and the University of Tübingen; ability to continue its growth and realize the anticipated contribution of the members of its board of directors and executives to its operations and programs; and our expectations regarding our use of capital and other financial results during 2021.

    Any forward-looking statements in this press release are based on management's current expectations and beliefs of future events, and are subject to known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the timing and results of regulatory submissions; success of our clinical trials and preclinical studies; risks related to our ability to protect and maintain our intellectual property position; risks related to manufacturing, supply, and distribution of our therapeutic candidates; risks related to the impact of COVID-19 affecting countries or regions in which we have operations or do business, including potential negative impacts on our employees, customers, supply chain and production as well as global economies and financial markets; the risk that any one or more of our product candidates, including those that are co-developed, will not be successfully developed and commercialized; the risk that the results of preclinical studies or clinical studies will not be predictive of future results in connection with future studies; and success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, or SEC, including under the caption "Risk Factors" in our most recent Annual Report on Form 10-K and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Moreover, except as required by law, neither Cullinan nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements included in this press release. Any forward-looking statement included in this press release speaks only as of the date on which it was made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.



    Cullinan Oncology, LLC

    Consolidated Balance Sheets (Unaudited)

    (in thousands, except units and per unit amounts)


     
      December 31,

    2019
      December 31,

    2020
     
    Assets        
    Current assets:        
      Cash and cash equivalents $63,250  $168,198 
      Prepaid expenses and other current assets  1,461   2,072 
      Short term investments  35,380   42,008 
       Total current assets  100,091   212,278 
    Property and equipment, net  182   130 
    Other assets  188   2,300 
       Total assets $100,461  $214,708 
    Liabilities, Redeemable Preferred Units and Members' Deficit        
    Current liabilities:        
      Accounts payable $934  $9,679 
      Accrued expenses and other current liabilities  1,589   4,641 
       Total current liabilities  2,523   14,320 
    Long-term liabilities:        
      Deferred rent  73   74 
       Total liabilities  2,596   14,394 
    Commitments and contingencies        
    Redeemable Preferred Units:        
      Series Seed Redeemable Preferred Units, $0.0001 par value:        
      16,000,000 units authorized, issued and outstanding (liquidation        
      value: $5,010) at December 31, 2019 and 2020.  3,956   3,956 
      Series A1 Redeemable Preferred Units, $0.0001 par value:         
      50,000,000 units authorized, issued and outstanding (liquidation        
      value: $61,038) at December 31, 2019 and 2020.  49,946   49,946 
      Series B Redeemable Preferred Units, $0.0001 par value:        
      64,200,000 authorized and 54,006,407 and 63,141,016 units        
      issued and outstanding (liquidation value: $105,645) at        
      December 31, 2019 and 2020, respectively.  83,872   97,909 
      Series C Redeemable Preferred Units, $0.0001 par value:        
      66,599,045 units authorized, issued and outstanding (liquidation        
      value: $131,524) at December 31, 2020.     124,841 
        Total Redeemable Preferred Units  137,774   276,652 
    Members' deficit:        
      Non-Voting Incentive Units, $0.0001 par value: 11,896,500 units        
      authorized, 11,896,500 units issued and outstanding at        
      December 31, 2019 and 2020.  1   1 
      Common units, $0.0001 par value: 36,972,854 units authorized, 0        
      and 2,346,094 units issued and outstanding at December 31,        
      2019 and 2020, respectively.      
      Noncontrolling interest in subsidiaries  864   1,304 
      Additional paid-in capital  770   15,698 
      Accumulated other comprehensive loss  (4)  (2)
      Accumulated deficit  (41,540)  (93,339)
        Total members' deficit  (39,909)  (76,338)
        Total liabilities, redeemable preferred units and members' deficit $100,461  $214,708 



    Cullinan Oncology, LLC

    Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

    (in thousands, except units and per unit amounts)
     
      Year Ended December 31, 
      2019  2020 
    Operating expenses:        
      Research and development $16,788  $43,211 
      General and administrative  5,482   17,124 
        Total operating expenses  22,270   60,335 
        Loss from operations  (22,270)  (60,335)
    Other income (expense):        
      Interest income  620   888 
      Other income (expense), net  (4)  (11)
    Net loss  (21,654)  (59,458)
      Net loss attributable to noncontrolling interest  (997)  (7,659)
    Net loss attributable to Cullinan $(20,657) $(51,799)
    Net loss per unit attributable to Common and Non-Voting Incentive        
     Unitholders, basic and diluted $(3.23) $(5.48)
    Total weighted-average Common and Non-Voting Incentive Units        
     used in computing net loss per unit, basic and diluted  6,397,443   9,447,147 
    Comprehensive loss:        
      Net loss $(21,654) $(59,458)
      Unrealized gain/(loss) on investments  (4)  2 
    Comprehensive loss $(21,658) $(59,456)
      Comprehensive loss attributable to noncontrolling interest  (997)  (7,659)
    Comprehensive loss attributable to Cullinan $(20,661) $(51,797)



    Contacts:

    Investor Relations

    Jeff Trigilio

    +1 617.410.4650



    Primary Logo

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  3. CAMBRIDGE, Mass., March 02, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan"), a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies, today announced that the company's Chief Executive Officer, Owen Hughes, will present at the upcoming H.C. Wainwright Global Life Sciences Conference.

    Event: H.C. Wainwright Global Life Sciences Conference
    Date: Tuesday, March 9th
    Time: 7:00am EST
    Location: Virtual

    The presentation will be available on-demand through the H.C. Wainwright conference portal, starting at 7am EST on Tuesday, March 9th, 2021, for registered attendees only.

    About Cullinan Oncology

    Cullinan Oncology is a biopharmaceutical company focused…

    CAMBRIDGE, Mass., March 02, 2021 (GLOBE NEWSWIRE) -- Cullinan Oncology, Inc. (NASDAQ:CGEM) ("Cullinan"), a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies, today announced that the company's Chief Executive Officer, Owen Hughes, will present at the upcoming H.C. Wainwright Global Life Sciences Conference.

    Event: H.C. Wainwright Global Life Sciences Conference

    Date: Tuesday, March 9th

    Time: 7:00am EST

    Location: Virtual

    The presentation will be available on-demand through the H.C. Wainwright conference portal, starting at 7am EST on Tuesday, March 9th, 2021, for registered attendees only.

    About Cullinan Oncology

    Cullinan Oncology is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies. The Company's strategy is to build a pipeline of therapeutic candidates that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these attributes.

    Contacts:

    Investor Relations

    Jeff Trigilio

    +1 716.725.5019



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  4. February 22, 2021

    • Enrollment expansion in CLN-081 NSCLC EGFRex20ins Phase 1/2a trial
    • Cullinan withdraws IND application for CLN-049 in Relapsed/Refractory AML
    • CLN-619 IND submission planned for the second quarter of 2021
    • Cullinan to present at SVB Leerink Conference February 26, 2021

    CAMBRIDGE, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Cullinan Management, Inc. (NASDAQ:CGEM) ("Cullinan"), a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies, today announces the following business updates:

    Portfolio Overview and Updates:

    • Cullinan Pearl
      Based on pre-specified efficacy criteria, Cullinan recently initiated Phase 2a Dose Expansion at the 100 mg BID dosing level in the ongoing…

    February 22, 2021

    • Enrollment expansion in CLN-081 NSCLC EGFRex20ins Phase 1/2a trial
    • Cullinan withdraws IND application for CLN-049 in Relapsed/Refractory AML
    • CLN-619 IND submission planned for the second quarter of 2021
    • Cullinan to present at SVB Leerink Conference February 26, 2021

    CAMBRIDGE, Mass., Feb. 22, 2021 (GLOBE NEWSWIRE) -- Cullinan Management, Inc. (NASDAQ:CGEM) ("Cullinan"), a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies, today announces the following business updates:

    Portfolio Overview and Updates:

    • Cullinan Pearl

      Based on pre-specified efficacy criteria, Cullinan recently initiated Phase 2a Dose Expansion at the 100 mg BID dosing level in the ongoing Phase 1/2a study evaluating CLN-081 in adult NSCLC patients with EGFRex20ins mutations. This expansion will enable enrollment of up to 36 patients, inclusive of 13 previously enrolled patients, at this dosing level. Cullinan is contemplating additional expansion cohorts and intends to provide updated safety and efficacy data in mid-2021.

    • Cullinan Florentine

      In January 2021, Cullinan submitted an IND to the U.S. Food and Drug Administration (FDA) for a Phase 1/2a clinical trial evaluating CLN-049, a bispecific antibody targeting FLT3 and CD3, in relapsed or refractory AML patients. The FDA subsequently provided feedback, including a request to consider alternative trial designs that would enable the collection of exploratory pharmacokinetic and pharmacodynamic data before dose escalation. Based on this information, Cullinan elected to withdraw the IND to determine the most efficient path forward.

    • Cullinan MICA

      Cullinan is completing the production of GMP drug product to support an IND submission and subsequent clinical trial for its investigational product CLN-619, a monoclonal antibody designed to stimulate natural killer (NK) and T cell responses by engaging a unique target, MICA/B. Consistent with prior guidance, Cullinan intends to submit an IND in the second quarter of 2021.

    SVB Leerink Global Healthcare Conference Event Details:

    Chief Executive Officer, Owen Hughes, will provide a company overview and update at the 10th Annual SVB Leerink Global Healthcare Conference.

    • Event: 10th Annual SVB Leerink Global Healthcare Conference
    • Location: Virtual
    • Date: Friday, February 26, 2021
    • Time: 4:20 PM ET/1:20PM PT

    Members of the Cullinan management team will also host investor meetings during the SVB Leerink Global Healthcare Conference.

    A webcast of the SVB Leerink presentation will be available in the Investors section of the Cullinan website at https://www.cullinanoncology.com/.

    About CLN-081

    CLN-081 is an orally available, irreversible EGFR inhibitor that is designed to selectively target cells expressing mutant EGFR variants, including EGFR exon 20 insertion mutations, with relative sparing of cells expressing wild type EGFR. CLN-081 is currently in a Phase 1/2a dose escalation and expansion trial evaluating oral, twice-daily administration of various doses in patients with NSCLC harboring EGFRex20ins mutations who have had at least one prior treatment with platinum-based chemotherapy or another approved standard therapy. CLN-081 is being developed in Cullinan Pearl, a Cullinan subsidiary.

    About CLN-049

    CLN-049 is a humanized bispecific antibody targeting FLT3 on target leukemic cells and CD3 on T cells, triggering cancer cell lysis via T cell cytolytic mechanisms. FLT3 is expressed frequently on AML cells and leukemic blasts but minimally on healthy blood cells, unlike other tumor surface antigens such as CD33 and CD123. CLN-049 is being developed in Cullinan Florentine, a Cullinan subsidiary.

    About CLN-619

    CLN-619 is MICA/B-targeted, humanized IgG1 monoclonal antibody that Cullinan intends to develop in patients with advanced solid tumors. MICA/B are stress-induced ligands that innate and adaptive immune cell populations recognize via the NKG2D receptor. To evade potential cytotoxic destruction by NK cells and T cells, tumors shed MICA/B from the cell surface. CLN-619 is designed to promote an antitumor response through multiple mechanisms of action, including shielding the proteolytic cleavage sites of MICA/B on cancer cells. CLN-619 is being developed in Cullinan MICA, a Cullinan subsidiary.

    About Cullinan Management

    Cullinan Management is a biopharmaceutical company focused on developing a diversified pipeline of targeted oncology and immuno-oncology therapies. The Company's strategy is to build a pipeline of therapeutic candidates that are uncorrelated across multiple dimensions, with a focus on assets that it believes have novel technology, employ differentiated mechanisms, are in a more advanced stage of development than competing candidates, or have a combination of these attributes.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact, including those related to our development plans for our therapeutic candidates, including the timing thereof, should be considered forward-looking statements. These forward-looking statements are based on management's current expectations. These statements involve known and unknown risks and uncertainties that may cause our actual results, performance or achievements to be materially different from any expressed or implied by the forward-looking statements. These risks include, but are not limited to, the following: uncertainty regarding the results of regulatory submissions, including our ability to agree with the FDA on an acceptable trial design for CLN-049; success of our clinical trials and preclinical studies; risks related to manufacturing, supply and distribution of our therapeutic candidates; and success of any collaboration, partnership, license or similar agreements. These and other important risks and uncertainties discussed in our filings with the Securities and Exchange Commission, or SEC, including under the caption "Risk Factors" in our Prospectus dated January 7, 2021 filed with the SEC on January 11, 2021 and subsequent filings with the SEC, could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release.

    Contacts:

    Investor Relations

     

    Jeff Trigilio

    +1 716.725.5019

     



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    • Participation from both existing and new investors
    • Total capital raised for company to date: c. £33 million (c. $45 million)
    • Capital utilised to accelerate lead programs: amyloid-β and α-synuclein
    • Company to nominate lead clinical amyloid-β candidate in Q1, 2021
    • α-synuclein being advanced in collaboration with Eisai Co., Ltd
    • Dr. Andrew C. von Eschenbach and Mr. Owen Hughes appointed to Board
    • Talent added at senior management level
    • Company to progress additional high-value targets: IAPP, tau & TDP-43
    • Initiated application of the kinetics platform to Oncology

    Wren Therapeutics Ltd., ("Wren"), a biopharmaceutical company pioneering a unique network kinetics approach to drug discovery for protein misfolding diseases, today announced…

    • Participation from both existing and new investors
    • Total capital raised for company to date: c. £33 million (c. $45 million)
    • Capital utilised to accelerate lead programs: amyloid-β and α-synuclein
    • Company to nominate lead clinical amyloid-β candidate in Q1, 2021
    • α-synuclein being advanced in collaboration with Eisai Co., Ltd
    • Dr. Andrew C. von Eschenbach and Mr. Owen Hughes appointed to Board
    • Talent added at senior management level
    • Company to progress additional high-value targets: IAPP, tau & TDP-43
    • Initiated application of the kinetics platform to Oncology

    Wren Therapeutics Ltd., ("Wren"), a biopharmaceutical company pioneering a unique network kinetics approach to drug discovery for protein misfolding diseases, today announced the closing of a £12.4 million (c. $17.0 million) financing.

    This financing brings the total capital raised to date to approximately £33 million (c. $45 million). The financing was led by existing shareholder The Baupost Group, with participation from existing investors including LifeForce Capital and new investors including Schooner Capital and Industry Ventures.

    Dr. Samuel Cohen, Chief Executive Officer of Wren, commented: "This support from both our existing as well as our new shareholders will accelerate the advancement of our two lead small molecule programs towards the clinic for the potential treatment of Alzheimer's disease and various synucleinopathies including Parkinson's disease."

    Dr. Cohen added: "The new capital, alongside our recently announced collaboration with Eisai, is a further endorsement of our unique chemical kinetics platform that has been industrialised by the Wren team over the previous four years, building on more than a decade of prior academic research. Our mission is to radically advance drug discovery for a wide range of protein misfolding diseases by creating molecules that will offer transformative therapeutic options for millions of patients globally suffering from these increasingly common medical disorders."

    Progress in advancing the platform

    Selected highlights include:

    • Advanced lead small molecule programs targeting amyloid-beta and alpha-synuclein, with first clinical candidate for amyloid-β in Q1 2021
    • Announced research collaboration with Eisai Co., Ltd for α-synuclein
    • Expanded the pipeline to three additional targets: IAPP for diabetes; tau for Alzheimer's disease and other tauopathies; and TDP-43 for motor neurone disease
    • Publication in Nature Structural & Molecular Biology, co-authored by Wren's scientific founders and senior Biogen scientists, demonstrating the predictive capability of Wren's chemical kinetics in assessing clinical-stage molecules for Alzheimer's disease
    • Added new disease area of Oncology with discovery work underway

    Board of Directors Expanded and Senior Management Strengthened

    Wren has expanded its Board of directors and strengthened its leadership team.

    Board appointments include Dr. Andrew C. von Eschenbach and Mr. Owen Hughes. Dr. von Eschenbach is the former Commissioner of the US Food and Drug Administration ("FDA"), and currently serves as president of Samaritan Health Initiatives Inc., and is a senior fellow at the Milken Institute and the Bipartisan Policy Center. Dr. von Eschenbach serves on the Board of Bausch Health (NYSE:BHC, TSX:BHC), Celularity Inc., and Radius Health (NASDAQ:RDUS).

    Mr. Owen Hughes is Chief Executive Officer of Cullinan Management, Inc. (NASDAQ:CGEM) and serves as an advisor to MPM Capital. The biographies for both directors are listed below. These board appointments complement the existing Board.

    In addition, the company has also significantly expanded its scientific and business operations team including the appointment of Dr. Alleyn Plowright to the position of Head of Translational Science and Pre-Clinical Development. Prior to this, Alleyn held the positions of Head, Integrated Drug Discovery with Sanofi (Germany) and Senior Principal Scientist at AstraZeneca.

    About New Board Directors

    Andrew C. von Eschenbach, M.D., currently serves as president of Samaritan Health Initiatives Inc. and as a senior fellow at the Milken Institute and the Bipartisan Policy Center.

    Dr. von Eschenbach was appointed Acting Commissioner of the U.S. FDA in 2005, was later confirmed by the Senate as Commissioner in 2006 and held this role until 2009. Prior to that, he served as director of the National Cancer Institute at the National Institutes of Health from 2002 to 2006. Dr. von Eschenbach also previously served as a physician, surgeon, oncologist and executive at the University of Texas MD Anderson Cancer Center from 1976 until 2002, and since 2009, he has continued to serve as an adjunct professor. Dr. von Eschenbach is an internationally renowned cancer specialist and the author of more than 300 scientific articles on cancer and medical topics.

    Dr. von Eschenbach earned a B.S. from St. Joseph's University and a M.D. from Georgetown University. Dr. von Eschenbach is a director of Bausch Health (NYSE:BHC, TSX:BHC), Celularity Inc., and Radius Health (NASDAQ:RDUS) and is a member of the Board of the Reagan Udall Foundation of the US FDA .

    Owen Hughes is the Chief Executive Officer of Cullinan Management, Inc. (NASDAQ:CGEM).

    Prior to joining Cullinan Oncology, Owen served as the Chief Business Officer and Head of Corporate Development at Intarcia Therapeutics. Previously, Owen served as a Director of Brookside Capital, under the Bain Capital umbrella, managing public and private healthcare investments. Prior to his tenure at Brookside, he was Senior Portfolio Manager at Pyramis Global Advisors, a Fidelity Investments Company. Owen has more than 18 years of Wall Street experience, on both the buy and sell sides. Owen received his B.A. from Dartmouth College.

    Owen currently serves as an advisor to MPM Capital, Chairman of the Board of Directors at Radius Health (NASDAQ:RDUS) and a member of the board of Translate Bio (NASDAQ:TBIO).

    About Wren Therapeutics Ltd.

    Wren is a spin-off company from the University of Cambridge (UK) and Lund University (Sweden), focused on drug discovery and development for protein misfolding diseases. Wren is advancing an entirely novel approach to address this class of diseases, based on more than a decade of research from its scientific founders focused on the chemical kinetics of the protein misfolding process. Wren's predictive, quantitative platform is built on concepts from the physical sciences and is a fundamental shift from the descriptive, qualitative methods of traditional biology, which have failed to successfully address these complex systems. Wren is using its unique approach to develop a broad pipeline of therapeutics for protein misfolding diseases.

    For more information on Wren, please visit: www.wrentherapeutics.com

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