Reneo Pharmaceuticals, a clinical stage pharmaceutical company 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.
The company has offices in the US city of San Diego and here at Discovery Park.
Read more about the announcement at www.reneopharma.com