OnKure has announced the successful completion of its merger with Reneo Pharmaceuticals, with the combined entity set to operate under the OnKure Therapeutics name.
The shares will commence trading on the Nasdaq Global Market under the "OKUR" ticker symbol.
The companies first reached an agreement to combine in an all-stock deal in May 2024.
OnKure has also finalised a $65m private placement backed by both new and existing investors.
This strategic financial move will extend the company's cash runway through multiple clinical readouts until the fourth quarter of 2026.
The leadership of the merged company will include Nicholas Saccomano as president and CEO, Samuel Agresta as chief medical officer, Dylan Hartley as chief scientific officer and Jason Leverone as chief financial officer.
The board of directors will feature a mix of members from both OnKure and Reneo, along with Valerie Jansen, who joined at the merger's closure.
Saccomano stated: “We are ecstatic to finalise this merger, and move to accelerate the development of our mutant-specific PI3Kα inhibitor portfolio.
“Combined with our unique expertise in PI3K-mutated cancers, we aim to fully target and exploit the vulnerabilities of this oncogenic menace for the benefit of patients suffering needlessly.”
OnKure is engaged in the development of a suite of mutant-selective PI3Kα inhibitors, aiming to enhance treatment efficacy and safety.
Its lead product candidate, OKI-219, demonstrates significant selectivity for the mutant oncogene, potentially offering improved outcomes for patients with PI3KαH1047R mutations.
OKI-219 is currently under a Phase I clinical trial, targeting solid tumours including breast cancer.
The merger unites OnKure's expertise in precision oncology with Reneo's resources, focusing on advancing treatments for oncogenic mutations in PI3Kα.
OKI-219 is a pivotal part of the combined company's pipeline, now progressing through clinical trials.
