A Cincinnati company developing treatments for hypertension and other diseases has raised a $143 million Series B — the second startup in the region to land a nine-figure fund raise so far this year.
Madisonville-based CinCor Pharma, a clinical-stage biopharmaceutical company developing treatments for cardio-renal diseases, announced the funding Tuesday, bringing its total amount raised to $193 million.
The $143 million Series B ranks as the second-highest capital raise in the region’s history, and comes two months after 80 Acres, a Hamilton-based vertical farming startup, raised a record-high $160 million in August.
The financing was led by General Atlantic, a New York City-headquartered growth equity firm, with participation from new investors Perceptive Advisors, BVF Partners, venBio Partners, Adage Capital Management, Omega Funds, Rock Springs Capital, RTW Investments, Lilly Asia Ventures, and Sixty Degree Capital, alongside existing investors Sofinnova Investments, Sofinnova Partners, 5AM Ventures and CinRx.
CinCor said the proceeds will support the continued development of the company’s lead asset, CIN-107, for the treatment of hypertension, primary aldosteronism and chronic kidney disease.
The funding will enable completion of an ongoing phase 2 clinical trial in patients with resistant hypertension as well as the ongoing phase 2 trial in hypertensive individuals with primary aldosteronism, the company said.
In addition, it will support the initiation of two new trials, a phase 2 clinical trial in patients with uncontrolled hypertension, and a study of CIN-107’s impact on blood pressure and kidney function in patients with chronic kidney disease.
CinCor said CIN-107 has great potential for patients who cannot achieve blood pressure goals despite taking multiple anti-hypertensive medications.
“This financing will enable us to obtain the data that we hope will establish that (this) is a potent approach to lowering blood pressure in several patient groups, including individuals with hypertension demonstrated to be resistant to existing treatment options,” Marc de Garidel, CinCor CEO, said in a release.
Garidel declined to comment further.
With the round, Jason Pitts, vice president at General Atlantic, will join CinCor’s board of directors. CIN-107, Pitts said, has the potential to be a significant innovation for patients with difficult-to-treat cardiovascular conditions.
“There has been little innovation in the treatment of hypertension in the past several decades,” Pitts said in the release. "A large portion of hypertensive patients still do not reach treatment goals, increasing their risk of heart attack and stroke alongside more slowly developing conditions. We look forward to working with the company as they continue to advance in the clinic.”
CinCor’s Cincinnati operation has eight dedicated employees, and the company is adding an office in Boston following de Garidel’s hire earlier this year.
CinCor, founded in 2018, completed a $50 million Series A in 2019 led by California-based Sofinnova Investments, Sofinnova Partners and 5AM Ventures.
