Mineralys Therapeutics, a clinical-stage biopharmaceutical company focused on developing a best-in-class, novel therapy for high blood pressure, closed a $118 million Series B investment round.
Mineralys Therapeutics, a clinical-stage biopharmaceutical company focused on developing a best-in-class, novel therapy for high blood pressure, announced Wednesday that it has closed a $118 million Series B investment round.
Mineralys plans to allocate the proceeds of the investment round into further advancing MLS-101, a highly selective aldosterone synthase inhibitor for people with uncontrolled hypertension. MLS-101 is being tested in a Phase II clinical trial known as Target-HTN, which is now underway. The Company expects to report the top-line results of Target-HTN later this year.
The financing was led by Andera Partners, a European private equity firm that partnered with RA Capital Management. Andera participated in the round through its biotech and MedTech practice, Andera Life Sciences. Additional new investors include RTW Investments, Rock Springs Capital, SR One Capital Management, Sectoral Asset Management and Ysios Capital.
MLS-101 is designed to inhibit aldosterone synthase, the enzyme responsible for the production of aldosterone. Aldosterone is one of the underlying causes of hypertension. The treatment spares 11-betaHSD2, which limits the off-target effects associated with existing aldosterone antagonists. MLS-101 has demonstrated best-in-class potency in preclinical studies and has shown promising early clinical results.
Hypertension affects millions of adults in the U.S., and many patients remain on currently available therapies targeting other mechanisms, such as renin. Moreover, even with effective aldosterone blockade using existing drugs, there is still a high rate of cardiovascular events and death.
Jon Congleton, CEO of Mineralys, said MLS-101 has the potential to be a “paradigm-shifting” treatment because it can normalize plasma aldosterone levels without the side effects of blocking the mineralocorticoid receptor.
Congleton also expressed his optimism that the company was joined by a strong international group of investors who share the company’s vision of creating a targeted approach to address hypertension.
The results of the Target-HTN Phase II clinical trial will determine the next steps, as MLS-101 has the potential to be used to treat other diseases, such as end-stage renal disease, cardiac heart failure and cardiac mortality.
As of now, there is no definite timeline as to when MLS-101 will be available on the market if approved. However, with $118 million in Series B financing, Mineralys Pharmaceuticals is one step closer to making this new treatment a reality.
