Based on research at Drexel University, Context Therapeutics is seeking to raise up to $21m in an initial public offering on Nasdaq.

Context Therapeutics, a US-based developer of treatments for cancers affecting women based on research at Drexel University, has filed for an initial public offering that could raise up to $21m. The company will issue 1.5 million shares and has set a price range of $12 to $14. It aims to list on Nasdaq Capital Market using the ticker symbol CNTX. Founded in 2015, Context Therapeutics is working on advanced small molecule and immunotherapy treatments for hormone-driven breast and gynaecological cancers. Proceeds would be used to fund three ongoing phase 1 trials, an ongoing phase 1b/2 trial and two ongoing phase 0 trials for lead asset ONA-XR, which targets the progesterone receptor which has been linked to resistance to multiple classes of cancer therapeutics. Money would also go towards the further development of monoclonal antibody CLDN6xCD3 bsAb, with the remainder allocated to research and development activities and general corporate purposes. Context Therapeutics obtained $5.3m in series A financing between January and April 2021, according to its draft prospectus, before biotech company Integral Molecular injected $2.8m in series A capital also in April as part of a strategic collaboration agreement. By June 2021, Context had secured a total of $14.6m in series A capital, having previously received $6.3m in seed funding – although some of this money was the result of the conversion of convertible notes. Martin Lehr, co-founder and chief executive of Context Therapeutics, is the largest shareholder with 18.4%, expected to be diluted to 14.3%. Private investor Seth Lehr’s 12.6% stake will drop to 9.9%, while Joseph Ventures Allium’s 9.7% will become 7.6%. Integral Molecular holds 8.1% ahead of the offering and is set to come out with 6.3%. ThinkEquity has been appointed as the sole underwriter for the proposed offering. It will have a 30-day option to purchase up to an additional 225,000 shares following the listing.

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Thierry Heles

Thierry Heles is the editor of Global University Venturing, host of the Beyond the Breakthrough interview podcast and responsible for the monthly GUV Gazette (sign up here for free).