Reneo to start pivotal trial in mitochondrial diseases, build orphan pipeline with Novo, Abingworth-led $95M series B

With $95 million in series B funding and a new CEO to move forward with a potentially pivotal trial in an orphan mitochondrial disorder, Reneo has designs on becoming a commercially-oriented, publicly traded company with multiple programs rather than a single-asset takeout opportunity.

Novo Ventures and Abingworth led the new funding, which will support a Phase II trial of PPARδ agonist REN001 to treat primary mitochondrial myopathies (PMM), a group of disorders that result in depleted energy production, muscle weakness and fatigue. Greg Flesher, who was introduced as Reneo’s CEO on Wednesday, told BioCentury that the company’s interactions with regulators suggest the study, due to start next year, could be a registrational trial...