Reneo Pharmaceuticals Raises $50 Million to Develop Therapeutics to Treat Genetic Mitochondrial Diseases
San Diego, CA, May 20, 2019 -- Reneo Pharmaceuticals, a clinical stage pharmaceutical company, today announced that it has completed a $50 million Series A financing to develop therapies for diseases associated with deficits in cellular metabolism and energy production. The A round was led by New Enterprise Associates. Other participants in the round include Lundbeckfonden Ventures, Pappas Capital and RiverVest Venture Partners. Reneo is currently developing REN001, a PPAR delta agonist, to treat genetically defined rare mitochondrial diseases such as fatty acid oxidation disorders (FAOD) and primary mitochondrial myopathies (PMM). Proceeds from the Series A will be used to support ongoing Phase 1b clinical trials, as well as other clinical and preclinical studies.
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