CinCor Pharma, a Madisonville-based clinical-stage biopharmaceutical company, is expanding its C-suite weeks after announcing a massive $143 million fund raise.
Terry Coelho, formerly CFO of Raleigh’s BioDelivery Services International (Nasdaq: BDSI), was appointed executive VP, CFO and chief business development officer, a new position for the company, effective immediately.
The addition, coupled with the company’s recent raise — the $143 million Series B stands as the second-highest raise in the region’s history — positions CinCor well for its next stage of development, CEO Marc de Garidel said in a release.
He touted Coelho’s broad financial and operational experience at several high-profile and startup companies, including in the biopharmaceutical sector, as a factor in the hire.
“We are very fortunate to have attracted Terry to join the CinCor leadership team,” de Garidel said.
Coelho will continue to be based in North Carolina.
At BioDelivery Services International, Coelho drove many strategic and business development initiatives for the commercial-stage specialty pharmaceutical company, including a successful $69 million follow-on offering, the refinancing of an $80 million credit facility and a key strategic acquisition.
Prior to BioDelivery, Coelho served as the CFO of New York-based Balchem Corp. (NASDAQ: BCPC), a specialty chemicals manufacturer for the human and animal health and nutrition markets. While there, she led a refinancing of an oversubscribed $700 million credit facility and completed the acquisition and integration of BioScreen Italy.
Other positions include CFO and COO at Diversey Inc., a division of Sealed Air Corp., several senior financial leadership positions at Novartis Pharmaceuticals, and financial and general management positions of increasing responsibility in the U.S. and Brazil at Mars Inc.
CinCor, founded in 2018, is developing treatments for several cardio-renal diseases and has raised $193 million to advance its efforts. The company has initiated multiple clinical trials for its lead asset, CIN-107, for the treatment of hypertension, primary aldosteronism and chronic kidney disease. It is estimated that as much as 20% of the global population suffers from hypertension, including nearly one-half of the adult population in the U.S., or 108 million patients.
CinCor said CIN-107 has great potential for patients who cannot achieve blood pressure goals despite taking multiple anti-hypertensive medications.
“CinCor is well capitalized to advance its pipeline,” Coelho said in a statement. “I look forward to driving development so we can advance CIN-107, and, if approved, provide access to patients and address significant unmet needs.”
