Business
Cyclerion Therapeutics and Korsana Biosciences Announce Merger Agreement
Combined company to operate as Korsana Biosciences and to advance Korsana’s potential best-in-class therapeutics to treat neurodegenerative diseases
About this update from Cyclerion Therapeutics, Inc.
[{"type":"text","content":"\nCombined company to operate as Korsana Biosciences and to advance Korsana’s potential best-in-class therapeutics to treat neurodegenerative diseases\n\n\nKorsana’s lead program KRSA-028 is a next-generation shuttled monoclonal antibody targeting amyloid beta for the treatment of Alzheimer’s disease\n\n\nConcurrent private financing of approximately $380 million expected to fund Korsana’s operations into 2029, including multiple clinical trial data readouts expected in 2027\n\n\nConference call scheduled for April 1, 2026, at 8:00 am ET\n\n\n WALTHAM, Mass.--(BUSINESS WIRE)--\nCyclerion Therapeutics, Inc. (“Cyclerion”) (Nasdaq: CYCN) and Korsana Biosciences, Inc. (“Korsana”), a privately-held biotechnology company discovering and developing novel therapies to reduce the burden of neurodegenerative diseases, today announced that they have entered into a definitive merger agreement for an all-stock transaction. Upon completion of the transaction, the combined company plans to operate under the name Korsana Biosciences, Inc. and trade on Nasdaq under the ticker symbol “KRSA.”\n\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260401287952/en/\nIn support of the proposed merger, Korsana has secured commitments for an oversubscribed private investment that is expected to result in total gross proceeds of approximately $380 million from a syndicate of investors led by Fairmount and Venrock Healthcare Capital Partners, with participation from General Atlantic, TCGX, Forbion, Wellington Management, Commodore Capital, RA Capital Management, RTW Investments, Vivo Capital, Janus Henderson Investors, Foresite Capital, J.P. Morgan Life Sciences Private Capital, SR One, Sanofi Ventures, Kalehua Capital, Spruce Street Capital, and other leading investment management firms. The financing includes common stock and pre-funded warrants exercisable for shares of Korsana common stock.\n\n\nThe financing is expected to close immediately prior to completion of the proposed merger. The combined company’s cash and cash equivalents balance at closing, including the funds from the private placement, is anticipated to fund Korsana’s operations into 2029 and provides runway through key clinical milestones. These include the advancement of KRSA-028 through Phase 1 healthy volunteer data expected i...