Mineralys Therapeutics, a Phase 2 biotech developing an in-licensed therapy for cardiorenal disorders, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering.
Mineralys is developing medicines to target diseases driven by abnormally elevated aldosterone, focused on cardiorenal disorders. Its sole product candidate, lorundrostat, is a proprietary, orally administered, highly selective aldosterone synthase inhibitor (ASI) licensed from Mitsubishi Tanabe that is initially being developed for uncontrolled hypertension. The company completed a Phase 2 proof-of-concept trial of lorundrostat for uncontrolled hypertension and resistant hypertension in 2022 and plans to initiate a randomized, double-blind, placebo-controlled Phase 2 trial in the 1H23, followed by a Phase 3 trial in the 2H23.
Another biotech developing an aldosterone synthase inhibitor for hypertension, 2022 IPO CinCor (CINC), was acquired by AstraZeneca earlier this month for $26 per share ($36 including milestones), compared to the $16 offer price.
The Radnor, PA-based company was founded in 2019 and plans to list on the Nasdaq under the symbol MLYS. Mineralys Therapeutics filed confidentially on November 4, 2022. BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse, and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
