CinCor raises $258 million following Phase II hypertension data

US clinical-stage biotech CinCor Pharma (Nasdaq: CINC), which is developing its lead clinical candidate, baxdrostat, for the treatment of hypertension and other cardio-renal diseases, yesterday announced the closing of its upsized underwritten public offering consisting of an aggregate of 8,625,000 shares of common stock and pre-funded warrants. CinCor’s shares closed up 2.4% at $35.94.

Specifically, the offering consisted of 6,025,000 shares of its common stock, including the exercise in full of the underwriters' option to purchase 1,125,000 additional shares of common stock, and, to certain investors, pre-funded warrants to purchase 2,600,000 shares of its common stock. The public offering price of each share of common stock was $30.00 and the public offering price of each pre-funded warrant was $29.99999 per underlying share, which represents the per share public offering price for the common stock less the $0.00001 per share exercise price for each such pre-funded warrant.

The gross proceeds to CinCor from the offering, before deducting the underwriting discounts and commissions, and offering expenses, were around $258.7 million. All of the securities were sold by CinCor.