Renibus Therapeutics announces $47m financing for phase 3 trial

Betsy Goodfellow | July 19, 2023 | News story | Business Services |  Cardiology, Financing, Renibus Therapeutics, clinical trial 

Clinical stage biopharmaceutical company Renibus Therapeutics has announced that it has raised $47m from the initial closing of its Series B financing. The company intends to use this financing to advance its RBT-1 (stannic protoporfin/iron sucrose) programme through a phase 3 trial.

The trial will assess RBT-1 for its lead indication of reducing the risk of post-operative complications following cardiothoracic surgery. RBT-1 is an inducer of anti-inflammatory, antioxidant and iron scavenging pathways, acting as a preconditioning agent and being assessed first in cardiac surgery patients.

The phase 2 portion of the trial was completed in February 2023, with data presented at an American Association for Thoracic Surgery meeting in May 2023.

Frank Stonebanks, co-CEO of Renibus, commented: “The last few months have been transformational for Renibus, highlighted by the completion of the RBT-1 phase 2 study demonstrating RBT-1’s potential to prevent organ damage and minimise post-operative complications after cardiac surgery. These results, and the US Food and Drug Administration’s (FDA) Breakthrogh Designation, catalysed the $47m financing announced today. These funds, from existing and new investors, including leaders in the cardiac surgery community, will be used to advance RBT-1 through the planned phase 3 trial, which is designed to be a standalone pivotal study for submission of a new drug application. Our investor base remains strong, and we thank them for supporting our shared commitment to advancing RBT-1 and improving patient healthcare.”

Betsy Goodfellow