Mineralys Therapeutics Closes $118 Million Oversubscribed Series B Financing to Advance the Development of Novel, Targeted Treatment for Hypertension
MLS-101 is a Highly Selective Aldosterone Synthase Inhibitor Designed to Address Abnormally Elevated Aldosterone, an Underlying Cause of Hypertension Prevalent in a Significant Portion of Patients
Derek DiRocco of RA Capital Management and Olivier Litzka, PhD of Andera Partners Join Mineralys Board of Directors
PHILADELPHIA, June 8, 2022 /PRNewswire/ -- Mineralys Therapeutics, Inc., a private, clinical-stage biopharmaceutical company committed to developing a best-in-class, novel therapy for the treatment of hypertension, today announced the completion of an oversubscribed and up-sized $118 million Series B financing.
Mineralys plans to use the proceeds to continue to advance MLS-101, a highly selective aldosterone synthase inhibitor. MLS-101 is currently being evaluated in a Phase 2 clinical trial, called Target-HTN, for patients with uncontrolled hypertension. The Company anticipates releasing the top-line results of Target-HTN later this year.
The round was led by RA Capital Management and Andera Partners. Additional new investors included RTW Investments, Rock Springs Capital, SR One Capital Management, Sectoral Asset Management, Ysios Capital, HealthCor Management and Boulder Ventures. Existing investors, including founding investment firm Catalys Pacific, Samsara BioCapital, HBM Healthcare Investments and Adams Street Partners also participated. As part of the Series B financing, Olivier Litzka, PhD, Partner, Andera Partners and Derek DiRocco, Partner, RA Capital Management will join the Mineralys Board of Directors.
"MLS-101 has the potential to be a paradigm-shifting treatment by normalizing plasma aldosterone levels, selectively, without the untoward effects of blocking the mineralocorticoid receptor. This financing will allow us to further our clinical program to unlock the value of MLS-101," said Jon Congleton, Chief Executive Officer, Mineralys. "We are pleased to be joined by a strong, international group of investors who share our vision of creating a targeted approach to address the growing epidemic of abnormal aldosterone overproduction that is linked to uncontrolled hypertension and related cardiorenal disorders."
"We are excited to have co-led this financing with Andera partners and look forward to helping Mineralys progress on the promise of MLS-101 for the treatment of hypertension," said Derek DiRocco, Partner, RA Capital Management. "RA Capital shares Mineralys' commitment and belief in the need to bring important new treatments to address the burden and impact of hypertension."
"Hypertension remains the leading cause of heart and kidney disease, but little innovation has been made for over a decade. The work being done by Mineralys addresses an unmet need as more than half of the current patients have uncontrolled blood pressure," said Olivier Litzka, PhD, Partner, Andera Partners. "We are pleased to support Mineralys' experienced team as they work to bring a targeted treatment for the millions of hypertension patients failing to achieve their goal blood pressure."
"We are delighted to have both Olivier and Derek join as new members of the Mineralys Board of Directors," said BT Slingsby MD, PhD, MPH, Founder & Executive Chairman of Mineralys. "Mineralys was created to transform the diagnosis and treatment of hypertension by targeting one its underlying causes, aldosterone, impacting millions of patients. We look forward to working with our new investors and Board members to advance the MLS-101 development program."
MLS-101 is a highly selective and potent aldosterone synthase inhibitor, licensed from Mitsubishi Tanabe Pharma Corporation, that is being investigated for the treatment of hypertension. MLS-101 significantly reduces plasma aldosterone levels by selectively inhibiting the CYP11B2 pathway responsible for synthesis of aldosterone, without the untoward effects of blocking the mineralocorticoid receptor. MLS-101 has demonstrated excellent selectivity for the synthesis of aldosterone without effecting other hormones like cortisol. MLS-101 selectivity holds the potential for targeted treatment of blood pressure in hypertension patients with elevated aldosterone production, an underlying cause of hypertension prevalent in at least 25 percent of all hypertensive patients.
MLS-101 has been studied in healthy volunteers in a Phase 1 program that validated the aldosterone reducing effects of MLS-101 and demonstrated a safe and tolerable clinical profile. MLS-101 is currently being investigated in uncontrolled hypertension in a Phase 2, proof-of-concept study. The benefit of MLS-101 may extend beyond hypertension into end-stage renal disease, cardiac heart failure and cardiac mortality.
About Mineralys Therapeutics, Inc.
Headquartered in Philadelphia, PA, Mineralys Therapeutics, Inc. is a private, clinical-stage biopharmaceutical company, founded by Catalys Pacific, and is committed to developing best-in-class, novel therapy for the treatment of hypertension. The Company is driven to bring a targeted approach to the management of hypertension via the development of MLS-101. MLS-101, licensed from Mitsubishi Tanabe Pharma Corporation, is a highly selective and potent aldosterone synthase inhibitor that is being investigated for the treatment of hypertension. For more information, please visit https://mineralystx.com/.
About RA Capital
RA Capital Management is a multi-stage investment manager dedicated to company formation and evidence-based investing in healthcare and life science companies developing drugs, medical devices, diagnostics, services and research tools. The firm's portfolio of private and public companies spans the globe and most therapeutic areas across all stages from discovery through commercialization. RA is committed to fostering diversity internally, in its portfolio companies, and in the broader biotech community.
For further information, please visit www.racap.com.
About Andera Partners
Created over 20 years ago, Andera Partners is a major player in private company investments in France and internationally. Its teams manage over 3.2 billion in investments in life sciences (Andera Life Sciences), growth and buyout capital (Andera MidCap, Andera Expansion, Andera Croissance, Andera Co-Invest), sponsor-less transactions (Andera Acto) and ecological transition (Andera Infra).
Based in Paris, with offices in Antwerp and Munich, Andera Partners is wholly owned by its teams, which count about 90 professionals. It is structured as a partnership and managed by a board of 10 partners.
Andera's 15-person life sciences team brings together extensive experience in the life sciences industry, private equity and venture capital. Active since 2000, the team has raised over 1.1 billion through its BioDiscovery family of funds and is currently investing from its new BioDiscovery 6 fund. Since inception, the team has invested in more than 75 European and U.S. biotech and medtech companies.
For further information, please visit www.anderapartners.com.
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SOURCE Mineralys Therapeutics