Cin­Cor Phar­ma made some noise ear­li­er this year af­ter rais­ing $143 mil­lion in a Se­ries B in Oc­to­ber, thanks to a round led by Gen­er­al At­lantic. And now CEO Marc de Garidel, the for­mer chair­man and CEO of Ipsen who came on board the biotech in Ju­ly, is mov­ing for­ward — gun­ning for a spot on Nas­daq.

Jon Isaac­sohn

The Cincin­nati-based, Sofinno­va-backed biotech — found­ed in 2018 and spun out from par­ent com­pa­ny Cin­Rx Phar­ma — filed an S-1 on Fri­day, pen­cil­ing in $100 mil­lion for the raise. As for what the biotech plans to do with what­ev­er amount it ul­ti­mate­ly wants to raise, it’s all go­ing in­to Cin­Cor’s on­ly drug can­di­date: CIN-107, an oral al­dos­terone syn­thase in­hibitor that co-founders Jon Isaac­sohn and Cather­ine Pearce li­censed from Roche for ini­tial­ly $3 mil­lion back in 2019, ac­cord­ing to the S-1. Al­dos­terone is a hor­mone linked to in­creased blood pres­sure, and has been a tar­get of in­ter­est to treat hy­per­ten­sion.

Once CIN-107 reach­es cer­tain mile­stones, Cin­Cor will pay Roche an­oth­er $40 mil­lion, along with an ad­di­tion­al $175 mil­lion in sales mile­stones, plus roy­al­ties.

Cin­Cor is look­ing to ad­vance clin­i­cal de­vel­op­ment of the drug and push the can­di­date through mul­ti­ple clin­i­cal tri­als for dif­fer­ent in­di­ca­tions: two Phase II tri­als and a Phase III tri­al for hy­per­ten­sion, a Phase II tri­al for hor­mone dis­or­der pri­ma­ry al­dos­tero­nism and yet an­oth­er Phase II tri­al for ame­lio­rat­ing com­pli­ca­tions of chron­ic kid­ney dis­ease. Any left­over funds will be used for gen­er­al cor­po­rate pur­pos­es.

Cur­rent­ly, the ma­jor stock­hold­ers in­clude Sofinno­va — both Sofinno­va Ven­ture Part­ners with more than 23% of the shares and Sofinno­va Cap­i­tal IX with ex­act­ly 17% of the shares, along­side 5AM Ven­tures-re­lat­ed en­ti­ties with 17%, Cin­Rx Phar­ma with 10.8% own­er­ship and Gen­er­al At­lantic with 10.6%.

The biotech has been bleed­ing mon­ey, like all star­tups — in 2019 and 2020, it had a net loss of $5 mil­lion and $22.3 mil­lion, re­spec­tive­ly. And as of the end of Sep­tem­ber this year, their ac­cu­mu­lat­ed deficit is a com­bined $48.3 mil­lion.

At this time, there is noth­ing on the hori­zon for an­oth­er drug in Cin­Cor’s pipeline. Once the biotech prices and goes pub­lic, it hopes to trade un­der the pro­posed tick­er $CINC.

Gilead recently decided to pull two indications for its cancer drug Zydelig — in relapsed follicular B-cell non-Hodgkin lymphoma (FL) and relapsed small lymphocytic leukemia (SLL) — after failing to complete the confirmatory trials required as part of the accelerated approvals from 2014.

“As the treatment landscape for FL and SLL has evolved, enrollment into the confirmatory study has been an ongoing challenge,” Gilead said in a statement, noting it formally notified the FDA of its decision to voluntarily withdraw these indications.