After hypertension competitor gets bought, Mineralys lines up IPO plans
Mineralys Therapeutics has penciled in a $100 million initial public offering to take its investigational hypertension drug into Phase III testing.
The Philadelphia startup released topline results for its hypertension drug, dubbed MLS-101 or lorundrostat, two months ago, saying it met the primary endpoint of reducing systolic blood pressure for patients who were on at least two background medicines.
The biotech is one of a few to brave the choppy IPO waters in recent months. David Liu’s Prime Medicine, struggling Third Harmonic Bio, a startup taking in an old Eli Lilly cancer drug and a small ALS biotech are some of the only ones to do so in the past few quarters. Others have gone the SPAC route.
At the time, CEO Jon Congleton told Endpoints News the drug developer would meet with the FDA to hash out Phase III plans, noting he’d like to start the studies in the first half of 2023.
Mineralys is working on an aldosterone synthase inhibitor, as is CinCor Pharma. The latter did not meet the mark in a mid-stage test last November, but that didn’t stop AstraZeneca from betting up to $1.8 billion to buy CinCor and its baxdrostat, which comes from Roche.
The biotech had about $110 million at the end of 2022, after reeling in a $118 million Series B from the likes of RA Capital last summer.
Catalys Pacific Fund is the largest shareholder, with about 32.9% owned, according to an SEC filing. Samsara BioCapital, HBM Healthcare Investments, Adams Street Partners and BioDiscovery also own portions of the biotech.