Renibus Therapeutics Announces Appointment of Frank Stonebanks as CEO and $35 Million Series A Funding
Frank Stonebanks Headshot
Founder, CEO and healthcare venture capitalist, Stonebanks brings 25 years of experience to Renibus leadership team
Renibus closes $35 million Series A; Funds will be used to advance the development of novel medicines targeting acute kidney injury and chronic kidney disease
SOUTHLAKE, Texas, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Renibus Therapeutics® (“Renibus”), a clinical-stage biotech company focusing on the prevention and treatment of cardiorenal diseases, announced today that Frank Stonebanks has been appointed as Chief Executive Officer, bringing more than 25 years of experience across healthcare and venture capital (VC) to lead Renibus in its next phase of growth. The Company also announced it has completed a $15 million extension as part of of its Series A financing, led by family offices specializing in biotech investments, closing the round at $35 million. Co-Founder and former CEO of Renibus, Al Guillem, will transition to Executive Chairman of the Board.
“Renibus has arrived at a critical inflection point in its commitment to transform the prevention and treatment of kidney diseases, and I see enormous potential in each of the programs,” Stonebanks said. “The closing of our $35 million capital raise will accelerate our momentum across the clinical portfolio.”
“Frank brings a proven track record of success leading both public and private companies, as well as notable expertise in the venture capital world, and Renibus will benefit from his leadership as it enters a critical phase,” said Co-Founder Guillem. “These leadership changes and our recent financing position the company well for continued growth. I look forward to continuing to serve Renibus as Executive Chairman as we work towards our next set of milestones.”
Mr. Stonebanks most recently served as a venture partner at Wavemaker Three-Sixty Health LP, a seed-stage healthcare-focused VC firm. His appointment at Renibus makes him a four-time biotech CEO and two-time Founder, having been the founder and chief executive of Triphase LP which sold its first asset to Celgene (now Bristol Myers Squibb), The Macroflux Corporation (now Zosano Pharma), a Johnson & Johnson spinout, and Cynvec. Earlier in his career, he held leadership and advisor roles at Johnson & Johnson (including JJDC, J&J’s investment arm), IBM and Sanofi. Mr. Stonebanks served as an advisor to Renibus prior to his recent appointment, leveraging his expertise as a repeat biotech CEO to guide the development of Renibus’ portfolio of assets to prevent and treat renal diseases.
Proceeds from the recent financing will be used to advance Renibus’ pipeline, including the company’s lead candidates, RBT-1 for prevention of acute kidney injury (AKI), currently in a large (126 patients), randomized, double-blind study in AKI in a cardiac surgery setting. RBT-2 is in development for the treatment of chronic kidney disease (CKD) and is scheduled to begin Phase I later this year. RBT-3 may commence Phase III development in Q3 2022 to treat iron deficient anemia, with a differentiated product profile than the current standard of care.
According to the Centers for Disease Control and Prevention, kidney disease affects more than one in seven American adults, and there are currently no approved therapies for the prevention or treatment of AKI, or to stop the progression of CKD leading to dialysis.
About Renibus Therapeutics, Inc.
Renibus Therapeutics is a clinical-stage biotech company dedicated to transforming the cardiorenal disease treatment paradigm by focusing on the prevention and treatment of kidney disease. The company’s portfolio includes RBT-1 for prevention of acute kidney injury, RBT-2 for treatment of chronic kidney disease, and RBT-3 for treatment of iron deficiency anemia and platinum-based kidney toxicity.
For more information, please visit the Company’s website at www.Renibus.com.
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