CinCor Pharma Raises $143 Million in Series B Financing
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- Published on Wednesday, 13 October 2021 11:06
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Funding will support continued development of CIN-107, a highly selective, oral small molecule inhibitor of aldosterone synthase product candidate, for the treatment of hypertension, primary aldosteronism and chronic kidney disease
CINCINNATI, OH, USA I October 12, 2021 I CinCor Pharma, Inc. (“CinCor”) today announced the completion of a $143 million Series B financing. The proceeds from this round will support the continued development of CIN-107, a highly selective, oral small molecule inhibitor of aldosterone synthase product candidate in development for the treatment of hypertension, primary aldosteronism and chronic kidney disease. The new funding will enable completion of the ongoing brigHTN Phase 2 clinical trial in patients with resistant hypertension as well as the ongoing Phase 2 Spark trial in hypertensive individuals with primary aldosteronism; in addition, it will support initiation of two new trials, a Phase 2 clinical trial (HALO) in patients with uncontrolled hypertension and a study of CIN-107’s impact on blood pressure and kidney function in patients with chronic kidney disease (CKD).
The financing was led by General Atlantic, a leading global growth equity firm, with participation from new investors Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital Management, Omega Funds, Rock Springs Capital, RTW Investments, Lilly Asia Ventures, and Sixty Degree Capital, alongside existing investors Sofinnova Investments, Sofinnova Partners, 5AM Ventures and CinRx. Jason Pitts, Ph.D., Vice President at General Atlantic, will join CinCor’s Board of Directors.
“This financing will enable us to obtain the data that we hope will establish that aldosterone synthesis inhibition is a potent approach to lowering blood pressure in several patient groups, including individuals with hypertension demonstrated to be resistant to existing treatment options,” said Marc de Garidel, Chief Executive Officer of CinCor. “In addition, it will enable us to continue to obtain data that may expand the potential utility of CIN-107 into other indications including primary aldosteronism and CKD. We welcome our new high-quality investors to CinCor and Jason to the Board.”
Dr. Pitts added, “There has been little innovation in the treatment of hypertension in the past several decades, along with a lack of incorporating targeted approaches seen in other fields. Currently, a large portion of hypertensive patients still do not reach treatment goals, increasing their risk of heart attack and stroke alongside more slowly developing conditions. By using a precision approach to target indications and patient populations where aldosterone is likely a primary driver of disease, CIN-107 has the potential to be a significant innovation for patients with difficult-to-treat cardiovascular conditions. We look forward to working with the company as they continue to advance in the clinic.”
CinCor, founded in 2018, is a clinical-stage biopharmaceutical company with a mission to bring innovation to the pharmaceutical treatment of cardio-renal diseases. Its lead asset, CIN-107, a first-in-class aldosterone synthase inhibitor, is in clinical development for the treatment of hypertension and primary aldosteronism. CinCor has raised $193 million to date in two private financings.
About General Atlantic
General Atlantic is a leading global growth equity firm with more than four decades of experience providing capital and strategic support for over 400 growth companies throughout its history. Established in 1980 to partner with visionary entrepreneurs and deliver lasting impact, the firm combines a collaborative global approach, sector specific expertise, a long-term investment horizon and a deep understanding of growth drivers to partner with great entrepreneurs and management teams to scale innovative businesses around the world. General Atlantic currently has over $78 billion in assets under management inclusive of all products as of June 30, 2021, and more than 175 investment professionals based in New York, Amsterdam, Beijing, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, Singapore and Stamford. For more information on General Atlantic, please visit the website: www.generalatlantic.com.
CIN-107 is a highly selective, oral small molecule inhibitor of aldosterone synthase, the enzyme responsible for the synthesis of aldosterone in the adrenal gland, that is being developed for patient populations with significant unmet medical needs, including treatment-resistant hypertension and primary aldosteronism. Hypertension, which is defined by the American College of Cardiology and the American Heart Association as resting blood pressure above 130/80 mm Hg, is generally acknowledged to be one of the most common preventable risk factors for premature death worldwide. Though often asymptomatic, hypertension significantly increases the risk of heart disease, stroke and kidney disease, amongst other diseases. It is estimated that as much as 20% of the global population suffers from hypertension, including nearly one-half of the adult population in the U.S., or 108 million hypertensive patients.
SOURCE: CinCor Pharma