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Constellation starts $65M private placement of common shares

Constellation Pharmaceuticals Inc. started a private placement of common shares to raise $65 million from a group of institutional investors.

The Cambridge, Mass.-based biotech company, which develops treatments for cancers with abnormal gene expression and drug resistance, will sell 7,647,057 common shares at $8.50 apiece in the private placement.

The company plans to use the proceeds to fund research and clinical development of CPI-0610, CPI-1205 and CPI-0209; advance its preclinical candidates; and to discover and develop additional product candidates.

The capital raised will also be used for working capital and other general corporate purposes.

Venrock Healthcare Capital Partners is leading the private placement.