Cardurion raises $260M series B to challenge statin dominance

Cardurion Pharmaceuticals, a biotech company focused on cardiovascular disease, received a significant boost in 2021 with a $300 million investment from Bain Capital. The company is now aiming to challenge the dominance of statins in cardiovascular treatment by raising $260 million in a series B funding round.

This latest fundraising effort was led by Ascenta Capital and saw participation from new investors such as NEA, GV, Fidelity Management & Research Company, Millennium Management, Farallon Capital Management, Invus, Blue Owl Healthcare Opportunities, Delos Capital, and Digitalis Ventures. Bain Capital also participated in this round.

Cardurion was founded by Michael Mendelsohn, M.D., a former global head of cardiovascular research at Merck, with the mission of developing innovative therapies for heart failure and other cardiovascular conditions. A collaboration with Takeda in 2017 provided the company with lab space, development resources, and access to various Takeda assets.

Peter Lawrence, who became CEO in 2020, attributes Cardurion's success to the growing interest in cardiovascular diseases and the company's unique drug candidates. "People see cardio as not just the province of Big Pharma anymore," Lawrence remarked. He highlighted the potential of Cardurion's clinical-stage assets and ongoing proof-of-concept trials, which could significantly impact patient care if successful.

The newly raised funds will support advanced clinical trials for Cardurion’s two leading drug candidates: CRD-750 and CRD-4730, both of which are currently in phase 2 trials. CRD-750, a phosphodiesterase-9 (PDE9) inhibitor, is being tested for two types of heart failure: heart failure with preserved ejection fraction and heart failure with reduced ejection fraction. In the U.S., over six million adults suffer from heart failure, a condition that significantly contributes to heart disease-related deaths.

Heart failure stresses the heart, relying on a molecule called cyclic guanosine monophosphate (cGMP) to manage this stress. PDE9 breaks down cGMP, leading to its deficiency during heart failure. CRD-750 works by inhibiting PDE9, thus allowing cGMP to accumulate and potentially alleviate heart failure symptoms. According to Lawrence, the drug has shown promise in both preclinical and clinical settings and could become a standard treatment for heart failure.

CRD-4730, the second key drug candidate, targets a rare genetic condition known as catecholaminergic polymorphic ventricular tachycardia, which causes heart arrhythmias. Cardurion plans to extend its CaMKII inhibitors to more common cardiovascular diseases. Lawrence noted that Big Pharma has been attempting to develop CaMKII inhibitors for nearly two decades, making CRD-4730 the first of its kind to enter human clinical trials.

In addition to advancing its current drugs, Cardurion intends to use the series B funds to acquire other promising assets. The company is exploring one or two preclinical targets with significant potential, which Lawrence believes enhances its appeal to investors. He emphasized that Cardurion's strong M&A strategy is a key factor in its attractiveness.

Lawrence, who previously oversaw the $2.7 billion sale of oncology biotech ArQule to Merck & Co., mentioned that while partnering with Big Pharma is on the table, the primary focus remains on maintaining Cardurion's independence and fostering long-term growth. "Having been in and around M&A for 30 years, I think you can never build to [acquisition]," Lawrence stated. "We're building the company to have a long gestation."