OnKure completes merger with Reneo Pharmaceuticals and enters new markets

OnKure has announced the successful completion of its merger with Reneo Pharmaceuticals. The merged entity will operate under the name OnKure Therapeutics and its shares will now trade under the ticker symbol "OKUR" on the Nasdaq Global Market. As early as May 2024, both companies had agreed to a merger through a stock swap. Additionally, OnKure has completed a $65 million private placement supported by new and existing investors. This strategic move is intended to strengthen the financial foundation and secure operations through the fourth quarter of 2026. The leadership team of the new company includes 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 comprises representatives from both companies as well as Valerie Jansen, who joined upon the completion of the merger. Saccomano expressed enthusiasm about the merger and emphasized the focus on advancing the portfolio of mutant-specific PI3Kα inhibitors. These inhibitors aim to specifically address the vulnerabilities of PI3Kα mutations to improve treatment outcomes for affected patients. OnKure is developing mutation-selective PI3Kα inhibitors designed to enhance the efficacy and safety of treatments. The leading product, OKI-219, is characterized by high selectivity for the mutated oncogene and could offer improved outcomes for patients with PI3Kα mutations. OKI-219 is currently in a Phase I study targeting solid tumors, including breast cancer. The merger fulfills the synergistic combination of OnKure's expertise in precision oncology research with Reneo's resources for advancing treatments against PI3Kα-related oncogenic mutations. OKI-219 remains a central component of the merged company's pipeline and will continue to be advanced in clinical trials.