Southlake-based biotech Renibus Therapeutics has received $33 million in 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, reports Finmes.
Renibus is a clinical-stage biotech company developing innovative products for cardio-renal diseases. Founded in 2015, Renibus has three drugs in its pipeline in various phases of trials.
According to FinSMEs, the SAFE offering closed in July and August, and was led by existing investors and select new investors comprised of high-net-worth individuals and family offices.
It reported that 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. The term loan matures in October 2027 and includes a 24-month interest-only period that can be extended to 36 months under certain conditions, FinSMEs said.
The first tranche of $10 million closed in August. Renibus is under no obligation to draw additional funds in the future, according to the report.
Series A funding and a new CEO
Earlier this year, the biotech announced closing a $35 million Series A funding round that includes a $15 million extension led by “family offices specializing in biotech investments” to help fuel the development of three of its therapies.
Renibus also announced that co-founder and CEO Al Guillem would be transitioning to a role as executive chairman of the board. Frank Stonebanks, a former venture partner at healthcare-focused VC firm Wavemaker Three-Sixty Health, took over the CEO role.
“Renibus has arrived at a critical inflection point in its commitment to transform the prevention and treatment of kidney diseases,” said Stonebanks at the time.
The clinical-stage biopharmaceutical company says it is dedicated to treating, improving, and extending patients’ lives by developing products to prevent disease progression, improve outcomes, and protect against organ damage in cardio-renal diseases.
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