Mineralys Therapeutics, Inc. (Nasdaq: MLYS) has announced the pricing of its underwritten public offering at $13.50 per share, with expected gross proceeds of approximately $175 million. The clinical-stage biopharmaceutical company, focused on developing treatments for cardiorenal conditions, will issue nearly 13 million shares of common stock to support the advancement of its lead drug candidate.
The Radnor, Pennsylvania-based company initially announced plans for a $250 million offering on March 10, but finalized the terms at $175 million on March 11. The offering is expected to close on or about March 13, 2025, subject to customary closing conditions. Mineralys has also granted underwriters a 30-day option to purchase up to an additional 1.94 million shares.
Funding Allocation for Lorundrostat Development
Proceeds from the offering will primarily fund the clinical development of lorundrostat, Mineralys' proprietary, orally administered aldosterone synthase inhibitor. The company plans to allocate resources to research and development, manufacturing, and pre-commercialization activities, as well as working capital and general corporate purposes.
Lorundrostat represents a novel approach to treating conditions driven by dysregulated aldosterone, a hormone that regulates blood pressure and fluid balance. The drug candidate selectively inhibits aldosterone synthase, potentially offering a new therapeutic option for patients with hypertension, chronic kidney disease (CKD), and obstructive sleep apnea (OSA).
Market Context and Underwriter Support
The offering is being managed by a consortium of financial institutions, with BofA Securities, Evercore ISI, Goldman Sachs & Co. LLC, Stifel, and Wells Fargo Securities acting as joint book-running managers. LifeSci Capital is serving as lead manager, while H.C. Wainwright & Co. is acting as co-manager.
"Dysregulated aldosterone is implicated in multiple cardiorenal conditions affecting millions of patients," said a spokesperson from Mineralys Therapeutics. "This funding will help accelerate our clinical programs targeting these significant unmet medical needs."
Clinical Development Pipeline
Mineralys is developing lorundrostat for multiple indications where aldosterone dysregulation plays a key role in disease pathology. Hypertension remains a leading cause of cardiovascular morbidity and mortality worldwide, with a significant percentage of patients failing to achieve adequate blood pressure control on current therapies.
Chronic kidney disease affects approximately 37 million Americans, with limited treatment options available to slow disease progression. Obstructive sleep apnea, which affects an estimated 22 million Americans, has recently been linked to aldosterone dysregulation, opening a potential new treatment avenue.
The company's targeted approach to inhibiting aldosterone synthesis represents a differentiated strategy in addressing these conditions, potentially offering advantages over current standard-of-care treatments.
Corporate Background
Mineralys Therapeutics was founded by Catalys Pacific and is based in Radnor, Pennsylvania. The company went public in 2023 and has been advancing its clinical programs focused on cardiorenal conditions affected by dysregulated aldosterone.
The securities for this offering are being sold pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission. The company has filed a preliminary prospectus supplement and will file a final prospectus supplement related to the offering.
