CinCor Pharma, a Phase 2 biotech developing oral treatments for hypertension and cardio-renal diseases, raised $194 million by offering 12.1 million shares at $16, the midpoint of the range of $15 to $17. The company offered 1.1 million more shares than anticipated.
CinCor Pharma's lead candidate, CIN-107, has been designed to use a differentiated mechanism of action, direct inhibition of aldosterone synthase production, with the goal of providing an improved treatment for patients suffering from hypertension, or high blood pressure. In 2021, CinCor Pharma initiated several different trials for patients suffering from hypertension as well as primary aldosteronism, or PA. The company is also exploring its utility in ameliorating complications of chronic kidney disease, or CKD, with plans to initiate trials in the first half of 2022.
CinCor Pharma plans to list on the Nasdaq under the symbol CINC. Morgan Stanley, Jefferies, and Evercore ISI acted as joint bookrunners on the deal.
