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Reneo Pharmaceuticals Reports Second Quarter 2021 Financial Results
First patient dosed in STRIDE study of REN001 in primary mitochondrial myopathies IRVINE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals,
About this update from Onkure Therapeutics, Inc.
[{"type":"text","content":"First patient dosed in STRIDE study of REN001 in primary mitochondrial myopathies\nIRVINE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Reneo Pharmaceuticals, Inc. (Nasdaq: RPHM), a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic, mitochondrial diseases, today reported financial results for the quarter ended June 30, 2021 and provided an update on its clinical programs. “The second quarter of 2021 was highly productive for the Reneo team as we launched the international STRIDE study, completed enrollment of the McArdle disease study, and made substantial progress in our long-chain fatty acid oxidation disorders studies,” said Gregory J. Flesher, President and Chief Executive Officer of Reneo Pharmaceuticals. “In addition, we completed our initial public offering, and now have sufficient capital to fund operations through all of our planned near-term clinical milestones.” Key Operational Highlights Dosed the first patient in the STRIDE study, a global, randomized, double-blind, placebo-controlled Phase 2b clinical trial of REN001 in patients with primary mitochondrial myopathies (PMM)Completed enrollment of study REN001-103, an open-label Phase 1b clinical trial in patients with glycogen storage disease type V (McArdle disease)Dosed 20 patients to date in study REN001-102, an open-label Phase 1b clinical trial in patients with long-chain fatty acid oxidation disorder (LC-FAOD)Enrolled 18 patients to date in the FORWARD study, an observational clinical trial in patients with LC-FAODThe company was added to the Russell 2000® and Russell 3000® Indices Financial Results for the Three Months Ended June 30, 2021 The company reported a net loss of $9.2 million, or $0.43 per share, for the three months ended June 30, 2021, compared to a net loss of $3.7 million, or $1.82 per share, for the same period in 2020. The company had $167.3 million in cash, cash equivalents and short-term investments as of June 30, 2021. Research and development expenses for the three months ended June 30, 2021 were $6.3 million, compared to $2.8 million for the three months ended June 30, 2020. This increase of $3.5 million in research and development expenses was primarily due to an increase of $2.3 million related to clinical trial costs associated with the launch of our STRIDE an...