Cullinan To Expand Into Autoimmune Diseases, Privately Places $280 Mln; Stock Up In Pre-Market

(RTTNews) - Cullinan Oncology, Inc. (CGEM) while announcing that it has changed its name to Cullinan Therapeutics, Inc., said it decided to develop CLN-978 in autoimmune diseases, with systemic lupus erythematosus (SLE) as a first indication.

Separately, Cullinan also announced a private placement of $280 million in shares as well as pre-funded warrants. The company expects the proceeds from the private placement, combined with current cash, cash equivalents, short term investments and interest receivable, to fund its current operating plan into 2028.

Cullinan plans to submit an investigational new drug application for CLN-978 in patients with SLE in the third quarter of 2024.

Additionally, the company said it has discontinued enrollment in its B cell non-Hodgkin lymphoma (B-NHL) study to focus exclusively on autoimmune diseases.

Clinical observations from Phase 1 study showed that patients with B-NHL experienced rapid, deep, and sustained B cell depletion after administration of CLN-978.

Cullinan shares were up more than 20 percent in pre-market. The stock had closed at $16.55, down 0.72 percent on Monday. It has traded in the range of $7.64 - $19.68 in the last 1 year.