Cortexyme readies IPO

Cortexyme (CRTX) has filed a preliminary prospectus for an $86M IPO.

The South San Francisco, CA-based biopharmaceutical firm believes it has a novel disease-modifying therapeutic approach to treat Alzheimer’s and other neurodegenerative disorders. It says a bacterium called Porphyromonas gingivalis (P. gingivalis) and its secreted gingipains (toxic virulence factor proteases) are present in 90% of the brains of Alzheimer’s patients, adding that P. gingivalis infection causes Alzheimer’s pathology in animal models.

Lead candidate COR388 is a brain-penetrating small molecule gingipain inhibitor which has shown a favorable safety profile in early-stage studies. A Phase 2/3 trial, GAIN, should launch this quarter with topline data expected in late 2021.

2018 Financials ($M): Operating Expenses: 12.1 (+16.3%); Net Loss: (12.5) (-2.5%); Cash Burn: (11.7) (-19.4%).


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