Reneo Pharmaceuticals Announces Proposed Public Offering of Common Stock
May 03 2023 - 4:01PM
Reneo Pharmaceuticals, Inc. (Reneo) (Nasdaq: RPHM), a
clinical-stage pharmaceutical company focused on the development
and commercialization of therapies for patients with rare genetic
mitochondrial diseases, today announced that it has commenced an
underwritten public offering of its shares of common stock. Reneo
intends to grant the underwriters a 30-day option to purchase up to
an additional 15% of the shares of its common stock to be sold in
the offering on the same terms and conditions. The offering is
subject to market and other conditions, and there can be no
assurance as to whether or when the offering may be completed. All
of the shares of common stock in the offering are to be sold by
Reneo.
Reneo also entered into an agreement with Abingworth Bioventures
8 LP (Abingworth), pursuant to which Reneo has agreed to sell its
shares of common stock to Abingworth at the public offering price,
for aggregate gross proceeds of up to $5.0 million, in a concurrent
private placement that is expected to close after the public
offering. The sale of these shares of common stock will not be
registered under the Securities Act of 1933, as amended. The
closing of the concurrent private placement is conditioned on the
closing of the public offering.
Jefferies LLC, BofA Securities, Inc. and Piper Sandler are
acting as joint book-running managers and Robert W. Baird & Co.
Incorporated is acting as a lead manager for the underwritten
public offering. Jefferies LLC, BofA Securities, Inc., Piper
Sandler and Robert W. Baird & Co. Incorporated are also acting
as placement agents for the concurrent private placement.
A registration statement relating to these securities has been
filed with the U.S. Securities and Exchange Commission on Form F-3
(File No. 333-264616) and declared effective on May 9, 2022. The
public offering will be made only by means of a prospectus
supplement. Copies of the preliminary prospectus supplement and the
accompanying prospectus related to the public offering may be
obtained, when available, from: Jefferies LLC, Attention: Equity
Syndicate Prospectus Department, 520 Madison Avenue, New York, NY
10022, or by telephone at (877) 821-7388, or by e-mail at
prospectus_department@jefferies.com; BofA Securities NC1-022-02-25,
201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus
Department, E-mail: dg.prospectus_requests@bofa.com; or Piper
Sandler & Co., Attention: by mail at 800 Nicollet Mall, J12S03,
Minneapolis, MN 55402, Attn: Prospectus Department, by telephone at
(800) 747-3924, or by e-mail at prospectus@psc.com, or by accessing
the U.S. Securities and Exchange Commission’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities, in any state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
The shares of common stock offered in the concurrent private
placement have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements.
About Reneo Pharmaceuticals
Reneo is a clinical-stage pharmaceutical company focused on the
development and commercialization of therapies for patients with
rare genetic mitochondrial diseases, which are often associated
with the inability of mitochondria to produce adenosine
triphosphate. Our lead product candidate, mavodelpar, is a potent
and selective agonist of the peroxisome proliferator-activated
receptor delta. Mavodelpar has been shown to increase transcription
of genes involved in mitochondrial function and increase fatty acid
oxidation, and may increase production of new mitochondria.
Forward-Looking Statements
Forward-looking statements are statements that are not
historical facts. Words and phrases such as “anticipated,”
“forward,” “will,” “would,” “may,” “remain,” “potential,”
“prepare,” “expected,” “believe,” “plan,” “near future,” “belief,”
“guidance,” and similar expressions are intended to
identifyforward-looking statements. These statements include, but
are not limited to, whether Reneo will offer the shares of common
stock or consummate the public offering and the concurrent private
placement, the timing, size and the expectation of closing of the
public offering and the concurrent private placement described
herein, and its expectations with respect to granting the
underwriters a 30-day option to purchase additional shares of
common stock. All of such statements are subject to risks and
uncertainties, and assumptions, including those that are described
in the Risk Factor sections of the preliminary prospectus
supplement for such offering to be filed with the U.S. Securities
and Exchange Commission (the “SEC”), and the documents incorporated
by reference therein, including without limitation those risks and
uncertainties identified in the “Risk Factors” section of Reneo’s
Registration Statement on Form S-3 declared effective by the SEC on
May 9, 2022, the accompanying prospectus, Reneo’s Annual Report on
Form 10-K filed with the SEC on March 27, 2023, and other filings
that Reneo makes with the SEC from time to time. All
forward-looking statements contained in this press release speak
only as of the date on which they were made. Except to the extent
required by law, Reneo undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Contacts:
Danielle Spangler Investor Relations Reneo
Pharmaceuticals, Inc. dspangler@reneopharma.com
David Melamed, Ph.D. Media Inquiries Russo Partners,
LLC david.melamed@russopartnersllc.com
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