The latest update is out from Korro Bio (KRRO).
In a significant move to fuel its growth and pipeline development, a company has successfully secured a private placement deal, raising $70 million by selling over 1.2 million shares at $56 each to top-tier institutional investors. The cash influx is poised to extend the company’s financial runway, underpinning the advancement of its key clinical trial for KRRO-110 in ZZ Alpha-1 Antitrypsin Deficiency patients, along with other promising liver and CNS programs. The deal, which is expected to close by April 22, 2024, also includes registration rights, ensuring investors can resell their shares under certain conditions. Piper Sandler, RBC Capital Markets, and BMO Capital Markets are spearheading the placement, highlighting investor confidence and the company’s strategic focus on cutting-edge delivery systems and machine learning.
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