Renibus Therapeutics Raises $33 million Bridge Financing to Advance its Portfolio of Cardiorenal Product Candidates
SOUTHLAKE, Texas, Nov. 14, 2022 /PRNewswire/ — Renibus Therapeutics, Inc., (“Renibus”), a clinical-stage biotechnology company developing breakthrough products for cardiorenal diseases, today announced a $33 million bridge financing consisting of a $23 million SAFE (Simple Agreement for Future Equity) offering and $10 million pursuant to the first tranche of a $30 million term loan with Oxford Finance LLC (“Oxford”).
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 $10 million for a total of up to $30 million, 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 $10 million closed in August 2022 and the Company is under no obligation to draw additional funds in the future.
“This funding provides Renibus with significant strategic and operational flexibility against a challenging external backdrop,” said Frank Stonebanks, Chairman and CEO of Renibus. “We appreciate the continued support of our existing investors and welcome Oxford, a premier lender to the life sciences sector, and new investors to the Renibus team. Partnering with Oxford offers valuable access to capital that can support the advancement of our product candidates toward the market.”
“Renibus’ late-stage clinical pipeline is positioned to transform the treatment paradigm for cardiorenal diseases by slowing disease progression and protecting against organ damage, with the potential to lead to reductions in post-operative complications and overall cost of care,” said Adam Soller, Senior Managing Director at Oxford. “Oxford is pleased to support Renibus’ focus on advancing new medicines to patients and delivering significant health economic benefit to payors and providers.”
Reedland Capital Partners, acting through Weild & Co., member FINRA|SIPC, served as financial advisor to Renibus in connection with the credit facility transaction with Oxford.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. Since 2002, Oxford has originated approximately $9 billion in loans. Oxford is headquartered in Alexandria, Virginia, with additional offices in California (San Diego, Palo Alto, and Los Angeles), and the greater Boston and New York City metropolitan areas. For more information, visit oxfordfinance.com.
Renibus is a clinical-stage biopharmaceutical company dedicated to treating, improving and extending patients’ lives by developing breakthrough products to prevent disease progression, improve outcomes and protect against organ damage in cardiorenal diseases. The Company has developed a robust 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.
For more information, please visit the Company’s website at www.Renibus.com and engage with us on LinkedIn.
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Chairman and CEO, Renibus