Korro Bio, Frequency announce merger closing, private placement

Korro Bio announced the completion of the previously announced business combination between Frequency Therapeutics (FREQ) and the entity formerly known as Korro Bio. The combined company will operate under the name Korro Bio and its shares are expected to begin trading on the Nasdaq under the ticker symbol “KRRO” on November 6. Immediately prior to the merger, Korro completed the previously announced $117M private placement co-led by Surveyor Capital and Cormorant Asset Management with participation from Eventide Asset Management, Atlas Venture, NEA, Invus, Point72, Platanus, Qiming Venture Partners USA, MP Healthcare Venture Management, Verition Fund Management, Monashee Investment Management, Sixty Degree Capital and additional investors. Following consummation of the transactions, Korro’s cash, cash equivalents and investments of approximately $170M, after transaction expenses, are expected to fund operations and multiple potentially value-creating milestones into 2026, including advancing its lead product candidate in AATD through a clinical milestone, progression of additional product candidates from the pipeline into the clinic, and demonstrating applicability of the RNA editing platform into several additional tissue types.