Frequency Therapeutics to merge with Korro Bio in all-stock deal; combined firm to focus on RNA editing, trade as KRRO

Korro Bio, Inc.

Pre-merger Frequency stockholders expected to own ~8% of combined company; Korro stockholders (incl. new investors) ~92%.
Korro Bio secures $117M concurrent private financing co-led by Surveyor Capital and Cormorant; pro-forma cash ~$170M at close.
Lead program: RNA editing therapy for AATD; preclinical data shows correction to 85% normal A1AT protein; IND planned H2 2024.
Frequency discontinues its MS remyelination program; stockholders may receive CVR for future proceeds from that program.
Merger expected to close Q4 2023, subject to Frequency stockholder approval; combined company led by Korro management.

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