Renibus Therapeutics' $47 million capital raise comes after winning a coveted breakthrough therapy designation from the U.S. Food and Drug Administration to...
Investors and cardiothoracic surgeons alike were encouraged by the results, said Jeff Keyser, co-CEO of Renibus. By reducing post-surgical complications, RBT-1 stands to benefit both patients and the health care system globally, as post-surgical complications can be expensive.
“We see this as first in its class, we see this as transformative to practicing medicine, we see this, more importantly, as a really big benefit for patients,” Keyser said. “Ultimately, it has the potential to save a lot of money for the health care system.”The new capital will fully fund the drug’s Phase 3 trial, which is expected to enroll approximately 400 patients. Keyser also expects the drug to receive priority review from the FDA to expedite its development.
With the new funding, Renibus has now attracted $116 million in equity investment to date. That and an FDA breakthrough therapy designation are no simple feats for a comparatively small biopharmaceutical company. Renibus Therapeutics shares office space in Southlake with another promising biotech, OncoNano Medicine.“It’s not easy to raise that amount of funding from just anyone, and still fairly early. This is a very credible team with a track record of success and excellence,” said Hubert Zajicek, CEO of Health Wildcatters, a Dallas firm that assists biopharmaceutical startup companies.
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