Reneo Pharmaceuticals, a Phase 2 biotech developing therapies for rare genetic mitochondrial diseases, announced terms for its IPO on Monday.
The San Diego, CA-based company plans to raise $100 million by offering 6.3 million shares at a price range of $15 to $17. At the midpoint of the proposed range, Reneo Pharmaceuticals would command a fully diluted market value of $425 million.
The company's sole candidate, REN001, is being developed to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 is currently in a Phase 2b trial for primary mitochondrial myopathies, with data expected in 2023, and two Phase 1b trials for long-chain fatty acid oxidation disorders and glycogen storage disease type V, with data expected for both in the 1H22.
Reneo Pharmaceuticals was founded in 2014 and plans to list on the Nasdaq under the symbol RPHM. Jefferies, SVB Leerink and Piper Sandler are the joint bookrunners on the deal.
