CinRx Pharma’s $73 million raise confirms hub-and-spoke model of startup innovation
CinRx Pharma, a biotech company based in Cincinnati focused on high-impact medicines, announced on May 30th the close of a $73 million raise, bringing its total raise to $176 million. Prior investors played lead roles in this round.
CinRx Pharma relies on multiple subsidiaries to research and develop treatments for cardiovascular, metabolic, and gastrointestinal conditions. This raise allows CinRx to further develop its existing portfolio programs to address high-profile medical needs.
In CinRx’s hub-and-spoke model, separate subsidiaries house in-licensed drug assets. For the development of each asset, the subsidiaries draw on CinRx’s resources and expertise. Here’s a rundown of what’s happening at three of their subsidiaries: CinFina Pharma, CinDome Pharma, and CinPhloro Pharma.
CinFina is developing a pipeline of four therapies–under license from Janssen Pharmaceuticals–for safe, tolerable, and durable treatments of obesity. In March 2024, CinFina announced the start of a Phase 1 trial of CIN-110, an analog of peptide YY, which reduces appetite.
Upcoming milestone: initiation of a Phase 2 study evaluating CIN-109, a novel GDF-15 molecule associated with lean body mass preservation.
Preclinical development continues to support investigational new drug application submissions for CIN-209 and CIN-210. These dual agonists show promise for glucose control, weight reduction, and cardiovascular health.
CinDome is developing deudomperidone (CIN-102) as a potential safe, chronic treatment for gastroparesis. (Simply put: gastroparesis means the stomach takes too long to empty its contents. Estimates indicate that 1.8% of Americans may suffer from gastroparesis.) CinDome recently raised $40 million in a Series B financing from Perceptive Advisors and CinRx.
In process: It’s presently enrolling adult participants for the Phase 2 envision3D study of diabetic gastroparesis. Results are expected in 2025.
CinPhloro is making progress on CIN-103, a small molecule for the long-term management of irritable bowel syndrome with diarrhea (IBS-D). CIN-103 is a variation of phloroglucinol, an approved therapy in select countries. As CIN-103, it’s been modified for sustained exposure and less frequent dosing.
In process: In February 2024, CinPhloro dosed the first patients in the Phase 2 enviva study to evaluate the safety, efficacy, and tolerability of CIN-103 for IBS-D. Study enrollment continues, and it’s expected to wrap up in 2025.
CinRx portfolio companies also include CinSano, Retromer Therapeutics, and VTV Therapeutics.
Following its $194 million IPO in 2022, CinCor Pharma was acquired by AstraZeneca.
What It Means to Ohio
CBRE’s U.S. Life Sciences Research Talent 2023 report named Columbus and Cincinnati as the top-2 hubs for life-science researchers. In both cities, robust networks of research institutions have received significant federal support from the National Institutes of Health (NIH)–a key factor in the assessment. This raise by CinRx Pharma is just the latest sign of the strength of biotech innovation in Ohio’s private sector.
What They’re Saying
“Our early financings totaling $103 million supported the construction and progression of our seven-company portfolio. Notably, this included the formation, advancement, and exit of CinCor Pharma ahead of its $1.8 billion acquisition, underscoring the success of our incredibly effective team and validation of our efficient business model,” said Dr. Jon Isaacsohn, founder and chief executive officer at CinRx Pharma. “With this infusion of capital, we will continue rapid advancement of existing programs and replicate our proven asset selection process to identify and accelerate more promising new programs with high potential to impact patients’ quality of life.”
