Less than two years after its coming-out party with a $50 million launch round, Reneo Pharmaceuticals returned to the venture well and reeled in some high-profile backers.
The San Diego-based biotech announced the closing of its $95 million Series B on Wednesday morning, co-led by Novo Ventures and Abingworth, to support its research into genetic mitochondrial diseases. Wednesday’s cash will give the company a three-year runway, taking them through the completion of three early- to mid-stage trials for their lead program, REN001.
Gregory Flesher, the former CEO of Novus Therapeutics, is also joining Reneo to steer the ship.
Returning investors included New Enterprise Associates, RiverVest Venture Partners, Pappas Capital and Lundbeckfonden Ventures. Investing for the first time are Rock Springs Capital, Ais