(Investorideas.com
Newswire) a go-to platform for big investing ideas, including biotech
stocks issues a news and trading alert for Cyclerion Therapeutics,
Inc. (Nasdaq: CYCN).
Cyclerion Therapeutics makes the Nasdaq top percentage gainer list
today on news and is currently trading at $6.11 +4.56 (+294.19%) on
volume of over 200 million shares as of this report.
Cyclerion is a biopharmaceutical company focused on developing
treatments for neuropsychiatric diseases. Cyclerion’s
foundational product candidate, CYC-126, is an individualized
therapy for treatment-resistant depression, a condition with
significant unmet medical need and substantial commercial
opportunity.
Cyclerion Therapeutics, Inc. (Nasdaq: CYCN) and Korsana Biosciences,
Inc., a privately-held biotechnology company discovering and
developing novel therapies to reduce the burden of neurodegenerative
diseases, today announced that they have entered into a definitive
merger agreement for an all-stock transaction. Upon completion of
the transaction, the combined company plans to operate under the
name Korsana Biosciences, Inc. and trade on Nasdaq under the ticker
symbol “KRSA.”
In support of the proposed merger, Korsana has secured commitments
for an oversubscribed private investment that is expected to result
in total gross proceeds of approximately $380 million from a
syndicate of investors led by Fairmount and Venrock Healthcare
Capital Partners, with participation from General Atlantic, TCGX,
Forbion, Wellington Management, Commodore Capital, RA Capital
Management, RTW Investments, Vivo Capital, Janus Henderson
Investors, Foresite Capital, J.P. Morgan Life Sciences Private
Capital, SR One, Sanofi Ventures, Kalehua Capital, Spruce Street
Capital, and other leading investment management firms. The
financing includes common stock and pre-funded warrants exercisable
for shares of Korsana common stock.
The financing is expected to close immediately prior to completion
of the proposed merger. The combined company’s cash and cash
equivalents balance at closing, including the funds from the private
placement, is anticipated to fund Korsana’s operations into
2029 and provides runway through key clinical milestones. These
include the advancement of KRSA-028 through Phase 1 healthy
volunteer data expected in mid-2027 and interim proof of concept
data measuring amyloid plaque clearance in Alzheimer’s
patients expected by the end of 2027.
“Korsana is determined to deliver breakthrough medicines for
patients suffering from neurodegenerative disorders. With our
seasoned team and support from leading biotechnology investors,
Korsana is well-positioned to advance a pipeline of innovative,
next-generation therapies,” said Jonathan Violin, Ph.D.,
Korsana’s President and Chief Executive Officer.
“Patients deserve better options than what is currently
available, and we believe our lead program KRSA-028 can deliver a
best-in-class product to treat Alzheimer’s disease. We are
also building a broader pipeline leveraging our proprietary
platform to target other devastating neurodegenerative
disorders.”
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