– USA, CA – Reneo Pharmaceuticals, Inc., a clinical-stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases, today announced it raised $95 million in a Series B financing co-led by Novo Ventures and Abingworth and supported by existing investors New Enterprise Associates, RiverVest Venture Partners, Pappas Capital, and Lundbeckfonden Ventures, as well as new investors Rock Springs Capital, Aisling Capital, Amzak Health, and other investors.
Reneo also announced the appointment of Gregory Flesher to its Board of Directors as President, CEO.
“We are extremely pleased with the addition of an outstanding investor syndicate as well as a highly experienced CEO,” said Executive Chairman, Mike Grey. “We now have the resources and leadership to continue the development of REN001 in several areas of unmet need including primary mitochondrial myopathies, fatty acid oxidation disorders, and McArdle disease.”
“The Reneo team has done an exceptional job developing REN001, a product that we believe has broad potential in genetic mitochondrial diseases. We look forward to working with the company as they endeavor to bring this product to patients,” said Kenneth Harrison, Partner at Novo Ventures.
Bali Muralidhar, Partner at Abingworth added, “We are encouraged by both the nonclinical and clinical data for this potential first-in-class product. With this financing, Reneo will now be able to achieve several key clinical milestones, including completion of a global phase 2 study in primary mitochondrial myopathies.”
About Gregory Flesher
Mr. Flesher has more than 25 years of biopharmaceutical industry experience, including senior leadership roles at Novus Therapeutics, Avanir Pharmaceuticals, Intermune, Amgen, and Eli Lilly and Company. Dr. Niall O’Donnell, the founding Chief Executive Officer of Reneo and a managing director at RiverVest Venture Partners, will remain as a member of the Board of Directors.
“I am honored to be part of such an extraordinary team and a program that has the potential to help the many patients with genetic mitochondrial diseases,” said Gregory Flesher. “I look forward to working with the Board and management team in the coming years as we continue to advance REN001 and grow the company.”
About Reneo Pharmaceuticals
Reneo Pharmaceuticals is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases. Many of these diseases are associated with deficiencies in mitochondrial energy production. The company’s goal is to improve daily function and quality of life of patients suffering from these diseases, most specifically, by improving how their mitochondria work, preserving muscle function, and preventing muscle injury, weakness, and wasting. The experienced team of drug development experts, who have collaborated on many successful programs, is dedicated and passionate about finding effective therapies for these complex rare diseases.
For more information : https://reneopharma.com/
About Novo Holdings A/S
Novo Holdings A/S is a private limited liability company wholly owned by the Novo Nordisk Foundation. It is the holding and investment company of the Novo Group, comprising Novo Nordisk A/S and Novozymes A/S, and is responsible for managing the Novo Nordisk Foundation’s assets. Novo Holdings is recognized as a leading international life science investor, with a focus on creating long-term value. As a life science investor, Novo Holdings provides seed and venture capital to development-stage companies and takes significant ownership positions in growth and well-established companies. Novo Holdings also manages a broad portfolio of diversified financial assets.
For more information : https://www.novoholdings.dk/
About Abingworth
Abingworth is a leading transatlantic life sciences investment firm. Abingworth helps transform cutting-edge science into novel medicines by providing capital and expertise to top calibre management teams building world-class companies. Since 1973, Abingworth has invested in 168 life science companies, leading to 44 M&As and 69 IPOs. Our therapeutic focused investments fall into three categories: seed and early-stage, development stage, and clinical co-development. Abingworth supports its portfolio companies with a team of experienced professionals at offices in London, Menlo Park (California), and Boston.
For more information : https://www.abingworth.com/
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