Business
Korro Reports First Quarter 2024 Financial Results and Appointment of Kemi Olugemo, M.D. as Chief Medical Officer
On track for regulatory filing for First-in-Human (FIH) study of KRRO-110 in patients with Alpha-1 Antitrypsin Deficiency (AATD) anticipated in the second
About this update from Korro Bio, Inc.
[{"type":"text","content":"On track for regulatory filing for First-in-Human (FIH) study of KRRO-110 in patients with Alpha-1 Antitrypsin Deficiency (AATD) anticipated in the second half of 2024 Further strengthened balance sheet with closing of $70.0 million private placement (PIPE) on April 22, 2024, with cash and cash equivalents of approximately $206 million at close Cash runway into second half of 2026 to fund anticipated interim readout of KRRO-110 in the second half of 2025 and FIH study completion in 2026 Appointed Kemi Olugemo, M.D., FANN as Chief Medical Officer CAMBRIDGE, Mass., May 14, 2024 (GLOBE NEWSWIRE) -- 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, today reported financial results for the first quarter of 2024 and provided an update on its recent progress and anticipated milestones. \"Korro’s first quarter performance reflects significant progress on all fronts in a short period of time. Today, we are excited to announce the addition of Dr. Kemi Olugemo as Korro’s Chief Medical Officer. Kemi's leadership experience and deep expertise in drug development will play an integral role in shaping our clinical development strategy and strengthening our organization,” said Dr. Ram Aiyar, CEO and President of Korro. “Completion of our $70.0 million financing broadens our stockholder base and provides us with the cash runway to deliver on multiple value-creating catalysts through 2026. We believe with our experienced leadership and strong balance sheet, we are well-positioned to be leaders in advancing our broad portfolio of innovative RNA-based therapies.” Pipeline and Business Updates: Strengthened cash position with a $70.0 million PIPE. In April 2024, Korro announced a PIPE of approximately $70.0 million with participation from new and existing investors. 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.Progressed KRRO-110 towards a regulatory filing. KRRO-110 is the first RNA editing oligonucleotide product candidate from Korro’s proprietary RNA editing platform OPERA™. KRRO-110 is designed to co-opt an endogenous enzyme, Adenosine...