The Series B follows a $26 million Series A that closed at the end of 2015.
CINCINNATI, Nov. 28, 2017 (GLOBE NEWSWIRE) -- CinRx Pharma, a biopharmaceutical company with an innovative approach to developing novel therapeutics that address diverse therapeutic areas, announced today the completion of its Series B round of financing with a total investment of $10 million from both current and new investors. The Series B follows a $26 million Series A that closed at the end of 2015. Funds from the Series B financing will further advance CinRx’s broad clinical development pipeline, which is approaching clinical trials in diverse indications, ranging from large markets to orphan indications. CinRx expects to file an Investigational New Drug (IND) application in the first half of 2018 for its most advanced candidate, CIN-102, which is in development for the treatment of gastroparesis.
“We are grateful for the commitment from our new investors in the Series B, as well as the ongoing support of our existing investors. This financing will play a key role in CinRx’s transformation to a clinical-stage company carrying out a unique vision for changing the paradigm of drug development,” said Jon Isaacsohn, M.D., FACC, Chief Executive Officer and Co-Founder of CinRx. “By leveraging industry-leading clinical expertise, we have built a portfolio that balances both innovative and disruptive new molecular entities (NMEs). We also are pursuing expedited paths toward significant program milestones for each of our lead pipeline candidates.”
Catherine Pearce, CinRx Co-Founder and Chief Operating Officer, commented, “At CinRx, our model for drug R&D features a flexible approach and strategy to filling the substantial high-value gaps in pharma portfolios. In our model, we plan to demonstrate proof-of-concept clinical value and commercial potential in Phase 1 or 2 testing or in cost-efficient efficacy studies for later-stage candidates. We then have in place a corporate structure to maximize our options for strategic alternatives, either through out-licensing products, forming a joint venture around a specific candidate, or financing around a compound-centric entity.”
About CinRx’s Lead Programs Advancing toward the Clinic
CinRx’s pipeline includes four lead candidates addressing substantial needs in gastrointestinal disorders – gastroparesis and irritable bowel syndrome of diarrheal form (IBS-D) – cardiovascular disease, and dermatology, respectively:
- Deuterated domperidone (CIN-102) is a dopamine 2-receptor antagonist in development for gastroparesis, which affects approximately 12-16 million adults in the US, for which IND-enabling studies are ongoing. CinRx expects to file an IND for CIN-102 in the first half of 2018. Deuteration significantly modifies the compound’s pharmacokinetic profile, potentially reducing adverse events compared to unmodified domperidone.
- CIN-103 is a novel agent for IBS-D, a disease that affects over 16 million individuals in the US. All IND-enabling studies have been completed. CinRx expects to file an IND for CIN-103 in first half of 2018.
- CIN-105 is being developed for a cardiovascular indication affecting a broad population; this candidate is currently in preclinical stage. CinRx expects to file an IND in first half of 2018.
- CIN-101 is in preclinical stage for a dermatology indication. CinRx expects to file an IND in the first half of 2018.
About CinRx
CinRx brings a new approach to biopharmaceutical development, based on its team’s successful track record in the industry and a groundbreaking model for advancing product candidates designed to fill high-value gaps in pharma portfolios. The Company’s pipeline features assets across diverse therapeutic areas, ranging from large markets to orphan indications. CinRx anticipates launching its first clinical studies in 2018 in partnership with Medpace, a leading global Contract Research Organization (CRO). For more information on CinRx, please visit www.cinrx.com.
Contacts:
Investors:
John Grimaldi, 212-213-0006, ext. 362
jgrimaldi@burnsmc.com
Media:
Justin Jackson, 212-213-0006, ext. 327
jjackson@burnsmc.com
