NEW YORK – OnKure Therapeutics on Monday said it has completed its merger with Reneo Pharmaceuticals and raised $65 million through a private placement of the combined company’s newly issued common stock.
The combined company began trading on the Nasdaq Global Market on Monday under the ticker symbol "OKUR."
The private financing included participation from new and existing investors, including Acorn Bioventures, Cormorant Asset Management, Deep Track Capital, Perceptive Advisors, Samsara BioCapital, Surveyor Capital, Vestal Point Capital, and other undisclosed investors. After completion of the $65 million financing, prior OnKure stockholders own around 53.6 percent of the combined company’s outstanding stock, while prior Reneo stockholders own around 25.1 percent, and the private placement investors own approximately 21.3 percent.
After closing the merger and raising additional funds, OnKure said it will have $139 million in post-transaction cash, cash equivalents, and short-term investments, which will provide operational resources into Q4 2026.
OnKure, based in Boulder, Colorado, has three PI3Kα therapeutic programs. Its lead drug, OKI-219, inhibits PI3Kα H1047R mutations and is undergoing testing in the Phase I PIKture-01 trial in breast cancer and solid tumors driven by such mutations. The firm's other PI3Kα drugs are in preclinical development.
OnKure CEO Nicholas Saccomano said in a statement that the firm will release early clinical data on OKI-219 from the PIKture-01 trial in Q4 2024 and will begin studying the agent in combination with other drugs in the trial.