LONDON, UK: RTW Venture Fund Limited notes the announcement by CinCor Pharma Inc. on 12 October 2021 of its completion of a US$143 million Series B financing round.
The Company, alongside other investment vehicles of RTW Investments, LP, confirms that it participated in the Series B financing round together with other investors.
CinCor is a privately held clinical-stage biopharmaceutical company developing next-generation treatments for cardio-renal diseases. Its lead asset, CIN-107, a first-in-class aldosterone synthase inhibitor, is in clinical development for the treatment of hypertension and primary aldosteronism. CinCor intends to use the proceeds from this financing round to support continued development of CIN-107 for the treatment of hypertension, primary aldosteronism and chronic kidney disease.
Roderick Wong, MD, Managing Partner and Chief Investment Officer at the Investment Manager, said: “We are delighted to support CinCor’s efforts to develop next-generation treatments for hypertension, a condition that affects a significant patient population with limited innovative treatment options. The addition of CinCor to the portfolio further expands our focus on cardiovascular conditions and investing in first-in-class therapeutic approaches.”
The Investment Manager is looking forward to growing the Company’s investment pipeline and updating shareholders on further investments by the Company in due course.
The Series B financing round was led by General Atlantic, a leading global growth equity firm, with participation from new investors Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital Management, Omega Funds, Rock Springs Capital, RTW Investments, LP, Lilly Asia Ventures, and Sixty Degree Capital, alongside existing investors Sofinnova Investments, Sofinnova Partners, 5AM Ventures and CinRx. Jason Pitts, Ph.D., Vice President at General Atlantic, will join CinCor’s Board of Directors.
“This financing will enable us to obtain the data that we hope will establish that aldosterone synthesis inhibition is a potent approach to lowering blood pressure in several patient groups, including individuals with hypertension demonstrated to be resistant to existing treatment options,” said Marc de Garidel, Chief Executive Officer of CinCor.
“In addition, it will enable us to continue to obtain data that may expand the potential utility of CIN-107 into other indications including primary aldosteronism and CKD. We welcome our new high-quality investors to CinCor and Jason to the Board.”