Andera Partners co-leads $118m Series B of Mineralys thx (USA)
Andera Partners, Paris based European private equity player, announced on Wednesday that, together with RA Capital Management, it is leading an oversubscribed and up-sized $118m Series B financing for Mineralys Therapeutics, Inc., Philadelphia (USA), a private, clinical-stage biopharmaceutical company developing novel therapy for the treatment of hypertension.
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. Andera participated in the round through its biotech and medtech business unit Andera Life Sciences. Additional new investors include RTW Investments, Rock Springs Capital, SR One Capital Management, Sectoral Asset Management and Ysios Capital. 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, Derek DiRocco, Partner, RA Capital Management and Olivier Litzka, PhD, Partner of Andrea Partners located in Munich will join the Mineralys Board of Directors.
MLS-101, the target of desire, once licensed from Mitsubishi Tanabe Pharma Corporation, is a highly selective and potent aldosterone synthase inhibitor. 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.
"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, Andrea 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.
The Series A with $40m dates from April 2021, not excessively long ago.
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