Novo and Abingworth back a $95M Series B for Reneo Pharmaceuticals, which aims to treat diseases of the mitochondria
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.
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