A public stock offering from Mineralys Therapeutics of Radnor netted $192 million for the company’s development of a new blood pressure drug candidate, lorundrostat, writes John George for Philadelphia Business Journal.

The company sold 12 million shares of common stock at $16 per share in an upsized IPO.

The IPO could grow another $28.8 million if underwriters purchase up to 1.8 million additional shares to cover over-allotments.

Mineralys will use most of the funds on its lead new drug candidate, lorunrostat.  The rest of the money will go for working capital and corporate purposes.

Mineralys has 12 full-time employees. Eight are involved with research and development.

Founded in 2019, Mineralys is developing medicines that target diseases driven by abnormally elevated aldosterone.

Aldosterone stimulates absorption of sodium by the kidneys and regulates the body’s water and salt balance.

Lorundrostat is being developed to treat patients with uncontrolled hypertension by targeting high levels of aldosterone, which leads to high blood pressure. 

About 25 percent of hypertensive patients have abnormally elevated aldosterone levels.

Mineralys is also studying lorundrostat as a potential treatment for chronic kidney disease and multiple cardio-renal disorders.

Read more about Minteralysis raising $192 million from its life sciences IPO at Philadelphia Business Journal.