Exhibit 99.2
Reneo Announces Pricing of Public Offering of Common Stock
IRVINE, Calif., May 3, 2023 (GLOBE NEWSWIRE) — Reneo Pharmaceuticals, Inc. (Reneo) (Nasdaq: RPHM), a clinical-stage pharmaceutical company focused on the development and commercialization of therapies for patients with rare genetic mitochondrial diseases, today announced the pricing of its previously announced underwritten public offering of 6,875,000 shares of its common stock at a public offering price of $8.00 per share for aggregate gross proceeds of approximately $55.0 million, before deducting underwriting discounts and commissions and offering expenses. In addition, Reneo has granted the underwriters a 30-day option to purchase up to an additional 1,031,250 shares of its common stock at the public offering price, less the underwriting discounts and commissions. The offering is expected to close on or about May 8, 2023, subject to satisfaction of customary closing conditions.
In addition to the shares of common stock being sold in the public offering, Reneo also entered into a securities purchase agreement with Abingworth Bioventures 8 LP (Abingworth), pursuant to which Abingworth agreed to purchase Reneo’s shares of common stock at the public offering price, for aggregate gross proceeds of up to approximately $5.0 million, in a concurrent private placement. The sale of these shares of common stock will not be registered under the Securities Act of 1933, as amended. The concurrent private placement is expected to close after the closing of the public offering. The closing of the concurrent private placement is conditioned on the closing of the public offering.
Jefferies LLC, BofA Securities, Inc. and Piper Sandler are acting as joint book-running managers and Robert W. Baird & Co. Incorporated as a lead manager for the underwritten public offering. Jefferies LLC, BofA Securities, Inc., Piper Sandler and Robert W. Baird & Co. Incorporated are also acting as placement agents for the concurrent private placement.
A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) on Form S-3 (File No. 333-264616) and declared effective on May 9, 2022. The public offering will be made only by means of a prospectus supplement. Copies of the final prospectus supplement and the accompanying prospectus related to the public offering may be obtained, when available, from: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, New York, NY 10022, or by telephone at (877) 821-7388, or by e-mail at prospectus_department@jefferies.com; BofA Securities NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department, E-mail: dg.prospectus_requests@bofa.com; or Piper Sandler & Co., Attention: by mail at 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, Attn: Prospectus Department, by telephone at (800) 747-3924, or by e-mail at prospectus@psc.com.
This press release does not constitute an offer to sell, or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
The shares of common stock offered in the concurrent private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements.
