Reneo Pharma drops on pricing stock offering

Onkure Therapeutics

04/05/2023 11:30

** Reneo Pharmaceuticals Inc's  RPHM.O  shares down 15.8% at
$8.31 premarket after overnight follow-on prices
    ** Genetic disorder drug developer sells ~6.9 mln shares at
$8 for $55 mln
    ** Offering price represents 18.9% discount to last sale
    ** Additionally, RPHM to sell shares worth $5 mln to
Abingworth Bioventures in concurrent private placement
    ** Abingworth is #4 RPHM investor with ~2 mln shares, or ~8%
stake, per Refinitiv
    ** Co to use proceeds from both transactions to fund
completion of its mavodelpar program, to treat adult patients
with primary mitochondrial myopathies (PMM)
    ** RPHM's stock has more than quadrupled YTD through Weds
close
    ** Jefferies, BofA and Piper Sandler jt bookrunners for
equity offering

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))