Weeks after $143M megaround, low-profile CinCor looks to vault onto Nasdaq with a Roche castoff
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.
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.