Mineralys Therapeutics, a Radnor biopharmaceutical company is hoping to raise $100 million to develop a new high blood pressure treatment, writes John George for Philadelphia Business Journal.
Mineralys has filed documents with the Securities and Exchange Commission to raise the funds through a public offering.
The number of shares needed and the price per share were not disclosed.
The company intends to list its stock on NASDAQ.
Mineralys has a new lead drug candidate, Lorundrostat, being developed for patients with uncontrolled hypertension. Its focus is on diseases caused by abnormally elevated aldosterone levels.
The bulk of the IPO funds will be used for clinical testing.
“Companies with a compelling opportunity still resonate,” said Jon Congleton, CEO of Mineralys, when asked at the time about completing such a large equity financing. “A massive need [for new high blood pressure treatments] still exists.”
More than 115 million people in the US have elevated blood pressure. More than half have not been helped by current medications available. Treatment of high blood pressure is a $31 billion market, expected to grow to $31.5 billion by 2028.
Mineralys is also studying Lorundrostat as a potential treatment for chronic kidney disease.
Read more about the Mineralys IPO offering in the Philadelphia Business Journal.