Renibus Therapeutics, a clinical-stage biopharmaceutical firm with a focus on preventing and treating cardio-renal and metabolic diseases, has announced the completion of an extension to its Series B financing round, raising a total of $72 million. The company’s investors include both existing and new stakeholders, including prominent figures in the cardiac surgery community.
The additional funding, which exceeded the initial expectations, signifies the confidence in Renibus’ team and the potential of its product, RBT-1, as a preconditioning agent, introducing much-needed innovation to patients undergoing cardiac surgery. This financing empowers the company to move forward with its pivotal Phase 3 development plans for RBT-1, supported by the FDA’s alignment and recent Breakthrough Therapy Designation.
Proceeds from the Series B financing will fuel the progress of RBT-1 through a pivotal Phase 3 trial, primarily focused on reducing post-operative complications following cardiothoracic surgery. RBT-1, known as stannic protoporfin/iron sucrose, is a powerful inducer of anti-inflammatory, antioxidant, and iron-scavenging pathways. The Phase 2 development of RBT-1 concluded in February 2023, with data presented in May of the same year at the American Association for Thoracic Surgery Meeting.
Jamie A. Donadio, Chief Financial Officer of Renibus, expressed satisfaction with the enthusiasm and commitment shown by investors. The funding not only ensures the progression of RBT-1 through the planned Phase 3 trial but also positions the company to selectively fund other pipeline programs, fostering further value creation.
RBT-1 (stannic protoporfin/iron sucrose) is a potent inducer of anti-inflammatory, antioxidant, and iron-scavenging pathways. It is advancing towards Phase 3 development with its primary indication aimed at reducing post-operative complications following cardiothoracic surgery.
The Phase 2 study of RBT-1 (NCT04564833), completed in February 2023, was a randomized, double-blind, multi-center, placebo-controlled trial evaluating RBT-1’s impact on patients undergoing elective coronary artery bypass graft (CABG) and/or cardiac valve surgery. In May 2023, Renibus shared positive final results from this study, supporting the advancement of RBT-1 into a pivotal Phase 3 study.
In June 2023, RBT-1 earned Breakthrough Therapy designation status from the U.S. FDA for its role in reducing the risk of complications in patients undergoing cardiothoracic surgery.