In its attempt to list on the NASDAQ, Centrexion Therapeutics has restarted the effort of going public yet again. The biotech company through the IPO hopes to find suitable investors that could help raise funds for a phase 3 program. Phase 3 involves testing of CNTX-4975, a synthetic form of molecule found in chili peppers, in patients who are suffering from moderate to severe pain related to osteoarthritis of the knee.
The company is yet to propose the terms for the IPO but wants to make sure that through this it raises enough money to see it through the delivery of data from the first phase 3 trial. The company also plans to use the funds raised by the IPO to complete phase 1 trials of CNTX-6016 and CNTX-6970. The fourth in line CNTX-0290 has been sold to Eli Lilly for a payout of $47.5 million upfront.
