Newly merged OnKure raises $65 million
US clinical-stage biotech OnKure Therapeutics (Nasdaq: OKUR) has announced the completion of its previously announced mergerwith Reneo Pharmaceuticals.
The combined company will operate under the name OnKure Therapeutics, and its shares began trading on the Nasdaq Global Market yesterday (October 7), when they closed up 2.5% at $18.65.
Concurrent with the closing of the merger, the company completed a $65 million private placement with a group of new and existing investors, including Acorn Bioventures, Cormorant Asset Management, Deep Track Capital, Perceptive Advisors, Samsara BioCapital, Surveyor Capital (a Citadel company), Vestal Point Capital, and other undisclosed investors. Following the transactions, OnKure is expected to have a cash runway through multiple clinical readouts and into fourth quarter 2026.
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