Frequency Therapeutics jumps on merger agreement with Korro Bio

Korro Bio

14/07/2023 11:57

** Shares of drug developer Frequency Therapeutics Inc
 FREQ.O  rise 85.40% to 77 cents premarket
    ** Co and RNA editing co Korro Bio Inc to merge into genetic
medicines co focused on advancing Korro Bio's wholly owned
portfolio of RNA editing programs
    ** Combined co to operate under Korro Bio and expected to
have cash balance of ~$170 million at close; will apply to trade
on Nasdaq under “KRRO”
    ** Merger and related financing expected to close in Q42023,
subject to approval by FREQ's stockholders and other customary
closing conditions
    ** Korro Bio's lead program is a disease-modifying therapy
for patients with alpha-1 antitrypsin deficiency (AAT), a
condition that raises risk for lung and other diseases
    ** Up to last close, stock down ~89% this year

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))