Hypertension drug developer Mineralys Therapeutics files for $100M IPO

Andranik Hakobyan

Hypertension drug developer Mineralys Therapeutics (MLYS) has filed for a $100M initial public offering.

The biotech company didn't specify in its filing the price or number of shares to be offered, but indicated in its filing fee schedule that it was seeking $100M, a figure that is likely a placeholder and subject to change.

Mineralys hopes to list its shares on Nasdaq under the symbol MLYS. Bookrunners include BofA Securities, Evercore ISI, Stifel, Guggenheim Securities, Credit Suisse and Wells Fargo Securities.

Based in Radnor, Penn., Mineralys is working on medications to treat diseases driven by abnormal levels of aldosterone. Its lead product, lorundrostat, is in Phase 2 testing for the treatment of uncontrolled hypertension and Phase 1 testing for chronic kidney disease.

Mineralys was the second biotech company to file for an IPO this week, with oral herpes drug developer Squarex Pharmaceuticals (SQRX) filing to raise $15M.