Reneo Pharmaceuticals Announces Changes to its Board of Directors
Reneo Pharmaceuticals (NASDAQ: RPHM) announced significant changes to its Board of Directors. Paul W. Hoelscher, CFO of Horizon Therapeutics, has joined the Board and will lead the Audit Committee. Concurrently, Kenneth Harrison has resigned, and Lon Cardon will not seek re-election due to his new role at The Jackson Laboratory. Mike Grey, Executive Chairman, highlighted Hoelscher's extensive experience as a beneficial addition for Reneo's growth, especially with its investigational drug REN001, aimed at treating mitochondrial diseases.
- Paul Hoelscher's appointment brings financial expertise, potentially benefiting Reneo's growth.
- The incoming leadership may enhance strategic decision-making around REN001.
- Resignation of experienced Board member Kenneth Harrison could disrupt continuity.
- Lon Cardon's departure may create gaps in leadership experience and perspective.
IRVINE, Calif., Jan. 24, 2022 (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 announced changes to its Board of Directors. Paul W. Hoelscher, Executive Vice President, Chief Financial Officer of Horizon Therapeutics plc, has been appointed to the Board and will serve as chair of the Audit Committee. In conjunction with the appointment of Mr. Hoelscher, Kenneth Harrison, Partner at Novo Ventures (US) Inc., resigned from the Reneo Board of Directors.
Reneo also today announced that Lon Cardon, Ph.D. will not seek re-election to its Board of Directors at the upcoming 2022 annual meeting of shareholders. Dr. Cardon recently assumed the role of President and Chief Executive Officer of The Jackson Laboratory, a non-profit biomedical research institution, and due to institutional policy will be unable to serve on the Board beyond his current term.
“I have had the pleasure of working closely with Paul during his tenure at Horizon,” said Mike Grey, Executive Chairman of Reneo Pharmaceuticals. “He has been instrumental in the company’s substantial growth and success over the past eight years. His experience in accounting and finance, business development and capital markets will be instrumental in the growth of Reneo in the coming years. In addition to welcoming Paul, I also want to thank Ken and Lon for their support and invaluable contributions to Reneo,” concluded Mr. Grey.
Mr. Hoelscher added, “I am delighted to join Reneo, a company that has an exceptional leadership team and an exciting investigational drug product, REN001, that has potential to help patients afflicted by mitochondrial disease.”
Mr. Hoelscher currently serves as Executive Vice President, Chief Financial Officer of Horizon Therapeutics plc, a biotech company focused on the discovery, development and commercialization of medicines that address critical needs for people impacted by rare, autoimmune, and severe inflammatory diseases. Prior to joining Horizon, Mr. Hoelscher held various financial executive positions at OfficeMax, Inc. and Alberto Culver Company, and worked in the audit practice of KPMG LLP. Mr. Hoelscher has served on the Board of Trustees of the Illinois Chapter of The Leukemia and Lymphoma Society since 2007, and currently serves on the Chicago Regional Advisory Committee for The Ireland Funds. Mr. Hoelscher received a Bachelor of Science in Accountancy from the University of Illinois at Urbana, Champaign and is a Certified Public Accountant.
About Reneo Pharmaceuticals
Reneo is a clinical stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, which are often associated with the inability of mitochondria to produce adenosine triphosphate (ATP). Reneo is developing REN001 to modulate genes critical to metabolism and generation of ATP, which is the primary source of energy for cellular processes. REN001 has been shown to increase transcription of genes involved in mitochondrial function and increase fatty acid oxidation and may increase production of new mitochondria.
Forward-Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include statements regarding, among other things, the growth of Reneo and the potential for REN001. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Words such as “plans,” “will,” “believes,” “anticipates,” “expects,” “intends,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Reneo’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those anticipated in such forward-looking statements as a result of various risks and uncertainties, which include, without limitation, risks and uncertainties associated with Reneo’s business in general, and the other risks described in Reneo’s filings with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made. Reneo undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law.
Contacts:
Joyce Allaire
Managing Director
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com
Vinny Jindal
Chief Financial Officer
Reneo Pharmaceuticals, Inc.
investors@reneopharma.com
FAQ
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