Cullinan Shifts Focus From Oncology To Autoimmune Disorders, Raises $280M Via Equity
Portfolio Pulse from Vandana Singh
Cullinan Therapeutics Inc (NASDAQ:CGEM), previously known as Cullinan Oncology Inc, is shifting its focus from oncology to autoimmune diseases, specifically targeting systemic lupus erythematosus (SLE) with its CLN-978 treatment. The company plans to submit an investigational new drug application for CLN-978 in SLE by Q3 2024 and has raised $280 million through a private placement to fund operations into 2028. William Blair initiated coverage on Cullinan with an Outperform rating and a $35-per-share fair value, highlighting the company's diversified pipeline and strategic flexibility.
April 16, 2024 | 5:32 pm
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Cullinan Therapeutics shifts focus to autoimmune diseases, targeting SLE with CLN-978, and raises $280M to fund operations into 2028. William Blair initiates coverage with an Outperform rating and a $35 fair value.
The strategic pivot to autoimmune diseases and the successful $280M fundraising indicate strong investor confidence and a solid financial runway into 2028. The positive analyst coverage from William Blair, citing a diversified pipeline and strategic flexibility, further supports a bullish outlook for CGEM in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100