Foley & Larder LLP recently represented TCG Crossover (“TCGX”) as a lead investor in the $120 million private financing for Mineralys Therapeutics. TCGX was joined by RA Capital Management, as well as new investors OrbiMed and Venrock Healthcare Capital Partners and several returning investors, including Samsara BioCapital.
Mineralys Therapeutics is a clinical-stage biopharmaceutical company specializing in treatments for hypertension and other aldosterone-related diseases. They plan to use the net proceeds from this financing to advance the research and development of lorundrostat, a novel drug candidate for cardiorenal conditions influenced by elevated aldosterone levels, such as hypertension and chronic kidney disease. Remaining funds are expected to support working capital and general corporate needs.
TCGX is a Palo Alto-based investment firm focused on investing in innovative pre-IPO and public drug discovery companies. TCGX invests in visionary entrepreneurs leveraging recent scientific breakthroughs to develop transformative medicines. TCGX invests primarily in North America and Europe- or China-based companies doing U.S. drug development.
The Foley team was led by partners Louis Lehot and Clyde Tinnen and supported by associate Trevor Mullin.