TIDMRTW
RNS Number : 8668O
RTW Venture Fund Limited
13 October 2021
LEI: 549300Q7EXQQH6KF7Z84
13 October 2021
RTW Venture Fund Limited
New Investment in CinCor
RTW Participates in $143 Million Series B Round in CinCor
Pharma
-- RTW Venture Fund Limited announces a new portfolio investment, CinCor Pharma
-- The proceeds from the Series B financing round are int ended
to advance the development of CIN-107, oral small molecule
inhibitor of aldosterone synthase, for the treatment of
hypertension, primary aldosteronism and chronic kidney disease
RTW Venture Fund Limited (the "Company"), a London Stock
Exchange-listed investment company focused on identifying
transformative assets with high growth potential across the life
sciences sector, is pleased to note the announcement by CinCor
Pharma, Inc. ("CinCor") 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 (the "Investment Manager"), 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.
CinCor's announcement can be accessed on its website at:
www.cincor.com, the full text of which is contained below.
For Further Information
RTW Investments, LP +1 (646) 343 9280
Stephanie Sirota, Chief Business Officer
Alexandra Taracanova, PhD, Director of Investor Relations
Julia Enright, Senior Business Development Associate
Buchanan +44 (0)20 7466 5107
Charles Ryland
Henry Wilson
George Beale
About RTW Venture Fund Limited:
RTW Venture Fund Limited (LSE: RTW) is an investment company
focused on identifying transformative assets with high growth
potential across the life sciences sector. Driven by a long-term
approach to support innovative businesses, RTW Venture Fund invests
in companies developing next-generation therapies and technologies
that can significantly improve patients' lives.
RTW Venture Fund Limited is managed by RTW Investments, LP, a
leading healthcare-focused entrepreneurial investment firm with
deep scientific expertise and a strong track record of supporting
companies developing life-changing therapies.
Visit the RTW website at www.rtwfunds.com for more
information.
***********
The information in this announcement may include forward-looking
statements, which are based on the current expectations and
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date of its publication (unless otherwise marked). No reliance may
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contained in this announcement or on its completeness, accuracy or
fairness.
***********
CinCor Pharma Raises $143 Million in Series B Financing
Funding will support continued development of CIN-107, a highly
selective, oral small molecule inhibitor of aldosterone synthase
product candidate, for the treatment of hypertension, primary
aldosteronism and chronic kidney disease
CINCINNATI, Oct. 12, 2021 (GLOBE NEWSWIRE) -- CinCor Pharma,
Inc. ("CinCor") today announced the completion of a $143 million
Series B financing. The proceeds from this round will support the
continued development of CIN-107, a highly selective, oral small
molecule inhibitor of aldosterone synthase product candidate in
development for the treatment of hypertension , primary
aldosteronism and chronic kidney disease. The new funding will
enable completion of the ongoing brigHTN Phase 2 clinical trial in
patients with resistant hypertension as well as the ongoing Phase 2
Spark trial in hypertensive individuals with primary aldosteronism;
in addition, it will support initiation of two new trials, a Phase
2 clinical trial (HALO) 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 (CKD).
The financing 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."
Dr. Pitts added, "There has been little innovation in the
treatment of hypertension in the past several decades, along with a
lack of incorporating targeted approaches seen in other fields.
Currently, 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. By using a
precision approach to target indications and patient populations
where aldosterone is likely a primary driver of disease, CIN-107
has the potential to be a significant innovation for patients with
difficult-to-treat cardiovascular conditions. We look forward to
working with the company as they continue to advance in the
clinic."
About CinCor
CinCor, founded in 2018, is a clinical-stage biopharmaceutical
company with a mission to bring innovation to the pharmaceutical
treatment of 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 has raised $193 million to date in two
private financings.
About General Atlantic
General Atlantic is a leading global growth equity firm with
more than four decades of experience providing capital and
strategic support for over 400 growth companies throughout its
history. Established in 1980 to partner with visionary
entrepreneurs and deliver lasting impact, the firm combines a
collaborative global approach, sector specific expertise, a
long-term investment horizon and a deep understanding of growth
drivers to partner with great entrepreneurs and management teams to
scale innovative businesses around the world. General Atlantic
currently has over $78 billion in assets under management inclusive
of all products as of June 30, 2021, and more than 175 investment
professionals based in New York, Amsterdam, Beijing, Hong Kong,
Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo,
Shanghai, Singapore and Stamford. For more information on General
Atlantic, please visit the website: www.generalatlantic.com .
About CIN-107
CIN-107 is a highly selective, oral small molecule inhibitor of
aldosterone synthase, the enzyme responsible for the synthesis of
aldosterone in the adrenal gland, that is being developed for
patient populations with significant unmet medical needs, including
treatment-resistant hypertension and primary aldosteronism.
Hypertension, which is defined by the American College of
Cardiology and the American Heart Association as resting blood
pressure above 130/80 mm Hg, is generally acknowledged to be one of
the most common preventable risk factors for premature death
worldwide. Though often asymptomatic, hypertension significantly
increases the risk of heart disease, stroke and kidney disease,
amongst other diseases. 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
hypertensive patients).
Contacts:
Investors:
Lee Roth
212-213-0006, ext. 331
lroth@burnsmc.com
Media:
Robert Flamm, Ph.D. / Harrison Wong
212-213-0006 ext. 364 / 316
rflamm@burnsmc.com / hwong@burnsmc.com
General Atlantic:
Mary Armstrong & Emily Japlon
media@generalatlantic.com
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