Renibus Therapeutics, Inc., a South Lake, Texas-based clinical-stage biotechnology company developing innovative products for cardiorenal diseases, received a $33m bridge financing.
The round consisted of a $23m SAFE (Simple Agreement for Future Equity) offering and $10m pursuant to the first tranche of a $30m term loan with Oxford Finance.
The SAFE offering, which closed in July and August 2022, was led by existing investors and select new investors comprised of high-net-worth individuals and family offices. Under the terms of the credit facility with Oxford, the funds are available in three tranches of $10m for a total of up to $30m, subject to certain conditions. The term loan matures in October 2027 and includes a 24-month interest only period, which can be extended to 36 months under certain conditions. The first tranche of $10m closed in August 2022 and the company is under no obligation to draw additional funds in the future.
Led by Frank Stonebanks, Chairman and CEO, Renibus is a clinical stage biopharmaceutical company dedicated to treating, improving and extending patients’ lives by developing products to prevent disease progression, improve outcomes and protect against organ damage in cardiorenal diseases. The company has developed a portfolio of products that activate multiple cytoprotective pathways, including organ protection via preconditioning. Renibus’ first-in-class lead program, RBT-1 (SnPP / FeS), is a potent inducer of Nrf2, IL-10, and ferritin. RBT-1 is currently in Phase 2 development in cardiac surgery and will soon enter a Phase 3 registration study for its lead indication to reduce the risk of postoperative complications following cardiothoracic surgery. RBT-2 (tetrahydrocurmin) is an antioxidant and anti-fibrotic drug that has been shown to reduce the risk of CKD progression in preclinical models and will be in IND enabling and clinical development in 2023. RBT-3 (FeS), a novel, low molecular weight iron nanoparticle, is one component of RBT-1 and is targeted at reducing the risk of cisplatin-induced nephrotoxicity and will be in clinical development in 2023. RBT-9 (SnPP), a potent anti-inflammatory and antioxidant drug with anti-viral properties, is one component of RBT-1. It has been investigated in a 42-patient Phase 2 RCT in COVID pneumonia as a monotherapy in hospitalized patients. RBT-9 reduced hospital length of stay by ~70%. Additional pre-clinical work is underway in NASH progression to help inform the clinical development strategy.
FinSMEs
15/11/2022