CinCor Pharma Launches Roadshow for Proposed Initial Public Offering of Common Stock

Rhea-AI Summary

CinCor Pharma has initiated an initial public offering (IPO) of 11,000,000 shares of its common stock, with an expected pricing range of $15 to $17 per share. The offering aims to support the development of CIN-107, a candidate for treating hypertension and cardio-renal diseases. Additionally, the underwriters may purchase up to 1,650,000 additional shares. Shares will trade on NASDAQ under the symbol CINC. The offering's completion is subject to market conditions.

Positive

• IPO of 11,000,000 shares to fund the development of CIN-107.
• Potential additional sale of 1,650,000 shares indicates strong market interest.

Negative

• Proposed offering is subject to market conditions, which may delay or prevent completion.
• No guarantee of the offering's success or terms as outlined.

BOSTON, Jan. 03, 2022 (GLOBE NEWSWIRE) -- CinCor Pharma, Inc. (“CinCor”), 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 that it has launched an initial public offering of 11,000,000 shares of its common stock pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission. The initial public offering price is expected to be between $15 and $17 per share. All shares of common stock to be sold in the proposed offering will be offered by CinCor. CinCor also intends to grant the underwriters a 30-day option to purchase up to an additional 1,650,000 shares of its common stock at the public offering price, less underwriting discounts and commissions. CinCor’s common stock is expected to begin trading on the Nasdaq Global Market under the symbol “CINC.”

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 proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the proposed offering may be completed or the actual size or terms of the proposed offering.

A registration statement on Form S-1 relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. The securities may not be sold nor may offers to buy these securities be accepted prior to the time that the registration statement becomes effective.

The proposed offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained by contacting 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.

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, but not limited to, statements with regard to CinCor’s proposed initial public offering. Words such as “anticipates,” “believes,” “expected,” “proposed,” “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 proposed securities offering discussed above will be consummated on the terms described or at all. Completion of the proposed 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 and the risk factors and other matters set forth in CinCor’s registration statement on Form S-1 and the preliminary 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. 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 

FAQ

What is the expected price range for CinCor's IPO shares under the symbol CINC?

The expected price range for CinCor's IPO shares is between $15 and $17.

How many shares is CinCor offering in its IPO?

CinCor is offering an initial 11,000,000 shares of its common stock.

What is the purpose of CinCor's IPO?

The IPO aims to fund the development of CIN-107 for hypertension and cardio-renal diseases.

Who are the underwriters for CinCor's IPO?

Morgan Stanley, Jefferies, and Evercore ISI are acting as joint book-running managers.

When is CinCor expected to start trading on NASDAQ under CINC?

Shares are expected to begin trading on NASDAQ, but the exact date depends on market conditions.