Portfolio Company Update: CinCor Pharma IPO
10/01/2022 07:00
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RNS Number : 8467X RTW Venture Fund Limited 10 January 2022
LEI: 549300Q7EXQQH6KF7Z84
10 January 2022
RTW Venture Fund Limited
Portfolio Company Update: CinCor Pharma IPO
CinCor Pharma Prices Upsized $193.6 Million IPO
RTW Venture Fund Limited (the "Company"), a London Stock Exchange-listed
investment company focused on identifying transformative assets with high
growth potential across the biopharmaceutical and medical technology
sectors, is pleased to note the 6 January 2022 announcement by one of its
portfolio companies, CinCor Pharma, Inc. ("CinCor") regarding its pricing of
an upsized $193.6 million initial public offering ("IPO") and admission to
trade on Nasdaq Global Market under ticker "CINC".
CinCor is a 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.
Prior to IPO, the Company, together with other funds managed by RTW
Investments, LP (the "Investment Manager"), participated in CinCor's $143
million Series B financing round in October 2021.
CinCor's IPO raised $193.6 million by offering c. 12.1 million shares at
$16.00 per share. On the first day of trading, CinCor's share price remained
flat to close at $16.00 per share.
Roderick Wong, MD, Managing Partner and Chief Investment Officer at the
Investment Manager, said:
"We are excited about CinCor's successful IPO and look forward to supporting
the company in its efforts to develop next-generation treatments for
hypertension, a condition that affects a significant patient population with
limited innovative treatment options."
CinCor's IPO pricing announcement can be accessed on its website at:
www.cincor.com (http://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
biopharmaceutical and medical technology sectors. Driven by a long-term
approach to support innovative businesses, RTW Venture Fund Limited 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
(https://protect.mimecast-offshore.com/s/eY8OCgLEp4SlY4JEFN_vEF) for more
information.
CinCor Pharma Announces Pricing of Initial Public Offering
BOSTON, Jan. 06, 2022 (GLOBE NEWSWIRE) -- CinCor Pharma, Inc. ("CinCor")
(Nasdaq: CINC), a clinical-stage biopharmaceutical company focused on
developing its lead clinical candidate, CIN-107, for the treatment of
hypertension and other cardio-renal diseases, today announced the pricing of
its initial public offering of 12,100,000 shares of common stock at a price to
the public of $16.00 per share. The gross proceeds to CinCor from the
offering, before deducting the underwriting discounts and commissions and
offering expenses, are expected to be $193.6 million. All of the shares are
being offered by CinCor. In addition, CinCor has granted the underwriters a
30-day option to purchase up to an additional 1,815,000 shares of its common
stock at the initial public offering price less the underwriting discounts and
commissions.
The shares are expected to begin trading on the Nasdaq Global Market under the
symbol "CINC" on January 7, 2022, and the offering is expected to close on or
about January 11, 2022, subject to customary closing conditions.
Morgan Stanley, Jefferies and Evercore ISI are acting as joint book-running
managers for the offering. Oppenheimer & Co. is acting as lead manager for
the offering.
The offering is being made only by means of a prospectus. A copy of the final
prospectus, when available, may be obtained from: Morgan Stanley & Co. LLC
by mail at Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180
Varick Street, 2nd Floor, New York, New York 10014, by telephone at (866)
718-1649 or by email at prospectus@morganstanley.com; Jefferies LLC,
Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; and Evercore Group L.L.C., Attention:
Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055,
by telephone at (888) 474-0200, or by email at ecm.prospectus@evercore.com.
A registration statement on Form S-1 relating to these securities has been
filed with, and declared effective by, the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About CinCor
CinCor, is a clinical-stage biopharmaceutical company focused on developing
its lead clinical candidate, CIN-107, a highly selective, oral small molecule
inhibitor of aldosterone synthase, for the treatment of hypertension and other
cardio-renal diseases.
Forward-Looking Statements
This press release contains certain forward-looking statements, including
statements with regard to CinCor's securities offering. Words such as
"anticipates," "believes," "expected," "intends," "projects," and "future" or
similar expressions are intended to identify forward-looking statements. These
forward-looking statements are subject to the inherent uncertainties in
predicting future results and conditions and no assurance can be given that
the securities offering discussed above will be consummated on the terms
described or at all. Completion of the securities offering and the terms
thereof are subject to numerous factors, many of which are beyond the control
of CinCor, including, without limitation, market conditions, failure of
customary closing conditions and the risk factors and other matters set forth
in CinCor's registration statement on Form S-1 and the prospectus included
therein and the other filings CinCor makes with the Securities and Exchange
Commission. Copies of the registration statement can be accessed by visiting
the Securities and Exchange Commission website at www.sec.gov
(https://www.globenewswire.com/Tracker?data=Tsmtd8T9a8Zutj6VQtCqx81kWEvchzsCBZv75s289mK1yga5DRQXjba67bK3PU3jOGr6PKIp-chqrSoVcJk5Lw==)
. CinCor undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by law.
Contacts:
Terry Coelho
CinCor Pharma, Inc.
EVP, CFO and CBDO
Investors:
Bob Yedid
LifeSci Advisors
ir@CinCor.com
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