Korro Bio, Inc. (KRRO) shares gained 9.80 percent to $12.28, up $1.10 on Monday, after the company announced an $85 million private investment in public equity financing to support its genetic medicine development programs.
The stock is currently trading at $12.28, compared with its previous close of $11.18. Shares opened at $12.31 and traded between $12.25 and $13.69 during the session on the Nasdaq. Trading volume reached 487,183 shares, above the average volume of 219,927 shares.
The financing, led by Venrock Healthcare Capital Partners with participation from several institutional investors, includes the sale of 4,501,928 shares of common stock at $11.11 per share and pre-funded warrants to purchase 3,148,836 shares at $11.109 per warrant. Korro said the proceeds, combined with its existing cash, are expected to extend its cash runway into the second half of 2028 and fund development of therapies based on its OPERA RNA editing platform.
The stock has traded in a 52-week range of $5.20 to $55.89.
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