Reneo Pharmaceuticals Announces Partial Waiver of Lock-Up Restriction

Rhea-AI Summary

Reneo Pharmaceuticals (Nasdaq: RPHM) announced that underwriters for its IPO have agreed to waive the lock-up restriction for 111,736 shares held by Wendy Johnson, an officer planning to retire by December 31, 2021. This waiver takes effect on July 13, 2021, allowing her to sell these shares. Reneo focuses on therapies for rare genetic mitochondrial diseases and is developing REN001 to enhance mitochondrial function, potentially increasing ATP production, crucial for cellular energy.

Positive

• Waiver of lock-up restriction allows for early selling of shares, potentially improving liquidity for investors.

Negative

• Wendy Johnson's impending retirement could signal leadership changes, introducing uncertainty about future company direction.

SAN DIEGO, July 09, 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, announced today that Jefferies LLC, SVB Leerink LLC and Piper Sandler, as the representatives of the several underwriters of Reneo’s initial public offering, have agreed to waive the lock-up restriction with respect to 111,736 shares of common stock held by Wendy Johnson, an officer of the company who previously announced her intention to retire on or before December 31, 2021. The waiver for Ms. Johnson will take effect on July 13, 2021 and the shares may be sold on or after such date.  

This press release is not an offer for sale of the securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

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.

Contacts:

Joyce Allaire
Managing Director
LifeSci Advisors, LLC
jallaire@lifesciadvisors.com

Vinny Jindal
Chief Financial Officer
Reneo Pharmaceuticals, Inc.
investors@reneopharma.com

FAQ

What does the recent press release from Reneo Pharmaceuticals indicate?

The press release announces the waiver of a lock-up on shares held by an officer, Wendy Johnson, who plans to retire by the end of 2021.

When will Wendy Johnson's shares be available for sale?

Wendy Johnson's shares will be available for sale starting July 13, 2021.

What is the focus of Reneo Pharmaceuticals?

Reneo Pharmaceuticals is focused on developing therapies for rare genetic mitochondrial diseases.

What is REN001 and its significance?

REN001 is a drug being developed by Reneo to enhance mitochondrial function and ATP production.

Why is the waiver of the lock-up restriction significant for RPHM investors?

The waiver may improve liquidity in RPHM shares, providing existing investors with opportunities to sell.