Why Is Biotech Stock Cyclerion Therapeutics, Inc. (Nasdaq: CYCN) Gaining?
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.
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