Korro Bio and Frequency Therapeutics to merge
14 Jul 2023
Phase 2siRNA
Korro Bio and Frequency Therapeutics announced Friday that they plan to merge in an all-stock transaction. The combined company will operate under the name Korro Bio and focus on the advancement of Korro’s existing portfolio of RNA editing programmes.
Korro Bio said it has secured commitment to a planned concurrent $117 million financing and the combined company will have approximately $170 million in cash and equivalents. This should provide a financing runway into 2026, the company added.
Korro’s lead programme is an investigational, potentially disease-modifying therapy for the treatment of alpha-1 antitrypsin deficiency (AATD)alpha-1 antitrypsin deficiency (AATD). AATD is an inherited genetic disorder that can cause severe progressive lung and liver disease due to a lack of normal alpha-1 antitrypsin protein (A1AT).
Korro Bio’s preclinical product is designed to restore production of normal A1AT and the company intends to submit a regulatory filing allowing it to start a clinical trial in the second half of 2024. Advancement of the programme has been funded in part by a series B financing worth $116 million 18 months ago.
Further analysis -- Spotlight On: The growing universe of RNA editing technologies
By comparison, Frequency Therapeutics saw its share price drop 80% in February after announcing that its potential treatment for sensorineural hearing loss (SNHL) FX-322 failed in a Phase IIb study.
The setback prompted Frequency to terminate development of a second potential SNHL treatment candidate, reduce the size of its workforce by 55% and explore ways to raise financing. At the time the company said it would priortise development of a remyelination programme for the treatment of multiple sclerosis but it was confirmed today that development has been discontinued and strategic alternative for the programme ahead of the proposed merger with Korro will be sought.
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