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Oruka spins out of Paragon with 3 assets, reverse merger and cash

2024-04-03

高管变更IPO并购

Oruka Therapeutics is the third company spun out of Paragon Therapeutics, behind Spyre Therapeutics and Apogee Therapeutics.

Oruka Therapeutics is jumping onto the biotech stageParagon Therapeuticspublic viSpyre Therapeutics and Apogee Therapeuticslion through a private placement.

Oruka Therapeuticsne way to let everyone know you’ve arrived.

The dermatology-focused biotech formally unveiled Wednesday, spun out of Paragon Therapeutics with public market access and three preclinical assets. Oruka is Paragon's third offshoot, following public companies Spyre Therapeutics and Apogee Therapeutics.

Oruka took the reverse merger route via ARCA Biopharma. The subsequent prParagon Therapeuticsled by Venrock and Fairmount Partners, with other instituOrukal biParagonnvestors joining.Spyre Therapeutics Apogee Therapeutics

Oruka's preclinical pipeline is an outliARCA Biopharmacompanies going public these days as investors crowd arounFairmount Partners data. That wasn’t of concern to Oruka CEO Lawrence Klein, who told Fierce Biotech that the private placement provides enough runway through 2027, meaning the company won’t have to gin up hype for the foreseeable future. Oruka expects to have two lead assets, ORKA-001 and ORKA-002, in the clinic by the first half of 2025.

Orukaink there are different types of preclinical companies,” Klein said. “We have mechanisms that are well validated, and I think that's a different position thanOrukaatform technology that needs to get through some technical hoops to get into the clinic.”Oruka ORKA-001 ORKA-002

Improving dose frequency is one of Oruka’s critical sales pitches, with the belief that both ORKA-001 and ORKA-002 could be administered just once or twice per year.

The immediate clinical focuses of tOrukao assets will be plaque psoriasis and psoriatic arthrORKA-001ein sORKA-002h a third undisclosed asset from Paragon also in the works. Those three will be Oruka's near-term priorities, but Klein said the pipeline could be grown via Paragon or other external partners in the future.

Klein is back in the C-suite after spending seven years aplaque psoriasisuticspsoriatic arthritisating officer and chief business officer. He joineParagonnt Ventures as a partner in 2023 before Orukating to lead Oruka.Paragon

“I'm thrilled to have a couple of colleagues who have sinceCRISPR Therapeuticse at Oruka in the early days,” he said. “I think a lot of that operatioVersant Venturesill look to carry over to Oruka.”Oruka

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