Reneo Pharmaceuticals, Inc., a San Diego, CA-based clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases, raised $95m in Series B financing.
The round was co-led by Novo Ventures and Abingworth with participation from 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 is a clinical stage pharmaceutical company focused on the development of therapies for patients with genetic mitochondrial diseases.
Reneo also announced today the appointment of Gregory J. Flesher as President, Chief Executive Officer, and a member of the Board of Directors. 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.
REN001 is an oral, once-daily investigational drug known to control several genes involved in mitochondrial activity. Mitochondria are the powerhouses of the cell, where carbohydrates, fats, and proteins are used to generate the energy the body needs. Reneo is developing REN001 as a first-in-class treatment option to improve cellular energy metabolism by enhancing mitochondrial function and potentially increasing the number of mitochondria.