Reneo Pharmaceuticals, OnKure To Merge

(RTTNews) - Reneo Pharmaceuticals, Inc. (RPHM) and OnKure, Inc., a privately-held, clinical-stage biopharmaceutical company, have entered into a definitive merger agreement to combine the companies in an all-stock deal. The combined company will focus on advancing OnKure's pipeline candidates targeting oncogenic mutations in phosphoinositide 3-kinase alpha, including lead program OKI-219, which is currently in a Phase 1 clinical trial for the treatment of solid tumors. The combined company is expected to operate under the name OnKure Therapeutics, and trade on the Nasdaq Global Market under the ticker symbol, OKUR.

In connection with the merger, Reneo Pharmaceuticals has entered into a subscription agreement for a $65 million private investment in public equity financing expected to close concurrently with the closing of the merger, with a group of institutional investors. Including proceeds from the concurrent PIPE financing, the combined company is anticipated to have approximately $120 million of cash, cash equivalents, and short-term investments at closing.

For More Such Health News, visit rttnews.com.