Renova Therapeutics Welcomes New Board Member, Raises $7.52 Million In Series C Financing Round

SAN DIEGO, Nov. 18, 2014 /PRNewswire-USNewswire/ -- Renova Therapeutics, a biopharmaceutical company developing gene therapy treatments for congestive heart failure and other chronic diseases, announced that Daniel M. Bradbury joined its board of directors. The company also completed its third round of funding, raising $7.52 million.

New board member brings decades of life science experience

Mr. Bradbury is a life sciences executive with more than 30 years of experience in creating transformative business strategies, bringing novel medicines to market and maximizing shareholder value. He is Managing Member of BioBrit, LLC, a Life Sciences Consulting and Investment Firm, and the former President and Chief Executive Officer of Amylin Pharmaceuticals, a biopharmaceutical company focused on metabolic diseases.

“I am excited to join the Renova Therapeutics board,” said Mr. Bradbury. “The company’s gene therapy work is transformational, and their potential for success is great. Renova is poised to help millions of people suffering from congestive heart failure by positively impacting patient outcomes.”

Mr. Bradbury was CEO of Amylin, which was listed on the Nasdaq 100, from March 2007 until Bristol-Myers Squibb acquired the company for $7 billion in August 2012. During Mr. Bradbury’s 18 years at the company, Amylin launched the first once-a-week diabetes therapy and three other first-in-class medicines.

Mr. Bradbury received a Bachelor of Pharmacy from Nottingham University and a Diploma in Management Studies from Harrow and Ealing Colleges of Higher Education in the United Kingdom. He joins the following directors of the Renova Therapeutics board:

Jack W. Reich, Ph.D., CEO and Co-founder of Renova Therapeutics
Roy Cosan, President of Renova Therapeutics
H. Kirk Hammond, MD, Professor of Medicine, University of California, San Diego, and Co-founder of Renova Therapeutics
Craig Andrews, COO, Co-founder and Secretary of Renova Therapeutics
Andy Noorda, Managing Member of The Canopy Group
Michael Torres, CEO of Adelante Capital Management

Company now funded through 2016

Renova Therapeutics completed its third round of funding on Sept. 30, 2014, raising $7.52 million through a Series C Preferred Stock financing round. Investments in the company have come primarily from high net-worth individuals. The company is funded through 2016.

About Renova Therapeutics

There are more than 32 deaths per hour from congestive heart failure in the United States. Renova Therapeutics is working to change that.

Renova Therapeutics is a San Diego-based biopharmaceutical company and an industry leader in gene therapy, pursuing the development of treatments for congestive heart failure (CHF) and other chronic diseases. CHF is the most rapidly growing cardiovascular disorder in the United States, with an estimated six million people afflicted and 550,000 new cases diagnosed every year. Approximately 26 million patients have CHF worldwide. Renova Therapeutics, in a Public-Private Partnership with the National Institutes of Health, is currently supporting a Phase I/II trial of its novel lead therapy for patients with severe CHF (Class II, III and IV). This initial product is a single-dose gene therapy that, in animal studies, has shown substantially improved, sustained outcomes in heart failure models by safely and significantly improving myocardial function. The product is being evaluated for its safety and initial efficacy in a 3:1 randomized, double-blinded, placebo-controlled dose-ranging study involving 56 patients across seven US medical centers. The company’s product pipeline also includes a second-generation therapy for CHF patients and a groundbreaking therapy in pre-clinical stage for sufferers of Type II diabetes. Renova Therapeutics was founded in 2009 and is led by an experienced management team that co-founded the first publicly traded cardiovascular gene therapy company, Collateral Therapeutics.

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SOURCE Renova Therapeutics