Korro Announces $70 Million Private Placement
18 4월 2024 - 9:30PM
Korro Bio, Inc. (Korro) (Nasdaq: KRRO), a biopharmaceutical company
focused on developing a new class of genetic medicines based on
editing RNA for both rare and highly prevalent diseases, announced
today that it has entered into a subscription agreement with
certain new and existing accredited investors to issue and sell an
aggregate of 1,249,283 shares of its common stock in a private
placement (PIPE) that is expected to result in gross proceeds of
approximately $70.0 million, before deducting placement agent fees
and estimated offering expenses. The PIPE is expected to close on
April 22, 2024, subject to the satisfaction of customary closing
conditions.
The PIPE was led by funds affiliated with Deep
Track Capital, with participation from Atlas Venture, Blue Owl
Healthcare Opportunities, NEA, Rock Springs Capital, Tri Locum
Partners, and other leading healthcare investors.
Korro expects that the net proceeds from the
PIPE along with its existing cash and equivalents of $166.4 million
as of December 31, 2023, will provide runway to fund the completion
of a Phase 1/2 trial of KRRO-110 in ZZ AATD patients, anticipated
in 2026, progress additional liver and CNS pipeline programs into
the clinic and its platform with a focus on delivery and machine
learning, with the remainder used for working capital and general
corporate purposes.
Piper Sandler is acting as lead placement agent
and RBC Capital Markets and BMO Capital Markets are acting as
co-placement agents for the PIPE.
The offer and sale of the securities in the PIPE
are being made in a transaction not involving a public offering and
the securities have not been registered under the Securities Act of
1933, as amended, and may not be reoffered or resold in the United
States except pursuant to an effective registration statement or an
applicable exemption from the registration requirements. Pursuant
to a registration rights agreement, Korro agreed to file a
registration statement with the SEC covering the resale of the
shares issued in the PIPE.
This press release shall 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 other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Korro
Korro is a biopharmaceutical company focused on
developing a new class of genetic medicines for both rare and
highly prevalent diseases using its proprietary RNA editing
platform. Korro is generating a portfolio of differentiated
programs that are designed to harness the body’s natural RNA
editing process to effect a precise yet transient single base edit.
By editing RNA instead of DNA, Korro is expanding the reach of
genetic medicines by delivering additional precision and
tunability, which has the potential for increased specificity and
improved long-term tolerability. Using an oligonucleotide-based
approach, Korro expects to bring its medicines to patients by
leveraging its proprietary platform with precedented delivery
modalities, manufacturing know-how, and established regulatory
pathways of approved oligonucleotide drugs. Korro is based in
Cambridge, Mass.
Forward-Looking Statements
Certain statements in this press release may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements include, but are not limited to, express
or implied statements regarding expectations, hopes, beliefs,
intentions or strategies of Korro regarding the future including,
without limitation, express or implied statements regarding: the
closing of the PIPE and intended use of net proceeds from the PIPE;
Korro’s pro forma cash runway resulting from the PIPE; planned
Phase 1/2 clinical trial of KRRO-110 in AATD and completion
thereof; and Korro’s ability to advance its pipeline and the role
of RNA editing technology in developing therapeutic options; among
others. In addition, any statements that refer to projections,
forecasts, or other characterizations of future events or
circumstances, including any underlying assumptions, are
forward-looking statements. The words “anticipate,” “believe,”
“continue,” “could,” “estimate,” “expect,” “intend,” “may,”
“might,” “plan,” “possible,” “potential,” “predict,” “project,”
“should,” “strive,” “would,” “aim,” “target,” “commit,” and similar
expressions may identify forward-looking statements, but the
absence of these words does not mean that statement is not forward
looking. Forward-looking statements are based on current
expectations and assumptions that, while considered reasonable are
inherently uncertain. New risks and uncertainties may emerge from
time to time, and it is not possible to predict all risks and
uncertainties. Factors that may cause actual results to differ
materially from current expectations include, but are not limited
to, various factors beyond management’s control including risks
associated with market conditions and meeting customary closing
conditions, as well as risks inherent in biopharmaceutical
development; risks associated with pre-clinical studies and
clinical trials; and other risks associated with obtaining
regulatory approvals and protecting intellectual property; as well
as risks associated with general economic conditions; the inability
to recognize the anticipated benefits of the recently completed
merger, which may be affected by, among other things, competition,
Korro’s ability to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain key
employees; costs related to merger; the possibility that Korro may
be adversely affected by other economic, business, and/or
competitive factors; other risks and uncertainties indicated from
time to time in Korro’s filings with the SEC, including Item 1A.
“Risk Factors” in Korro’s Annual Report on Form 10-K filed with the
SEC on March 26, 2024, as such may be amended or supplemented by
its other filings with the SEC. Nothing in this press release
should be regarded as a representation by any person that the
forward-looking statements set forth herein will be achieved or
that any of the contemplated results of such forward-looking
statements will be achieved. You should not place undue reliance on
forward-looking statements in this press release, which speak only
as of the date they are made and are qualified in their entirety by
reference to the cautionary statements herein. Except as required
by law, Korro does not undertake or accept any duty to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in their expectations or in the events,
conditions or circumstances on which any such statement is based.
This press release does not purport to summarize all of the
conditions, risks and other attributes of an investment in
Korro.
Korro Contact Information
Investors IR@korrobio.com
Media Glenn Silver FINN
Partners Glenn.silver@finnpartners.com
Korro Bio (NASDAQ:KRRO)
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