Pharmaceutical firm Novo co-led a $95m series B round for US-based mitochondrial disease drug developer Reneo Pharmaceuticals on Wednesday through corporate venture capital unit Novo Ventures.
The round was co-led by life sciences investment firm Abingworth and included pharmaceutical company Lundbeck’s VC arm, Lundbeckfonden Ventures, as well as New Enterprise Associates (NEA), RiverVest Venture Partners, Pappas Capital, Rock Springs Capital, Aisling Capital and Amzak Health.
Reneo is working on therapeutics for diseases associated with the mitochondria, the parts of cells where carbohydrates, proteins and fats generate energy. It announced the funding at the same time as the appointment of a new chief executive, Gregory J. Flesher.
The company’s lead product candidate, REN001, is intended to strengthen mitochondrial function to enhance cellular energy metabolism and could potentially be used to treat a variety of mitochondrial diseases.
NEA led Reneo’s last round, a $50m series A in May 2019 that also featured Lundbeckfonden Ventures, RiverVest Venture Partners and Pappas Capital.
Mike Grey, Reneo’s chairman, said: “We are extremely pleased with the addition of an outstanding investor syndicate as well as a highly experienced CEO.
“We now have the resources and leadership to continue the development of REN001 in several areas of unmet need including primary mitochondrial myopathies, fatty acid oxidation disorders and McArdle disease.”
