Orna Therapeutics Announces Strategic Acquisition of ReNAgade Therapeutics to Solidify Leadership in Circular RNA Therapies

Unifies World-Class Validated Circular RNA and Industry-leading Delivery Technologies to Advance New Category of panCAR™ in vivo CAR RNA Medicines for Oncology and Autoimmune Diseases

Amit Munshi to Lead Company as Chief Executive Officer

Former Orna CEO Tom Barnes, Ph.D., to Remain on Board of Directors and Chair Scientific Advisory Board

WATERTOWN and CAMBRIDGE, Mass., May 23, 2024 /PRNewswire/ -- Orna Therapeutics, a biotechnology company dedicated to designing and delivering a new class of fully engineered circular RNA therapeutics (oRNA^®), today announced its acquisition of ReNAgade Therapeutics, a pioneer in unlocking the potential of RNA therapeutics that demonstrated industry-leading delivery to multiple extra-hepatic cells in non-human primate (NHP) models over the past 18 months.

Amit D. Munshi, Chief Executive Officer of ReNAgade, will succeed Tom Barnes, Ph.D., to lead Orna as Chief Executive Officer.

"RNA-centric approaches are poised to eclipse traditional cell therapy-based methods and reshape the future of medicine," said Mr. Munshi. "This strategic acquisition unifies Orna's and ReNAgade's strengths and capabilities under one roof, expanding technological synergies and multiplying the companies' depth and breadth of expertise to drive a unique RNA therapeutic-focused R&D engine. Orna will now advance an industry-leading approach combining the Company's circular RNA expression technology with ReNAgade's broad portfolio of LNP-based RNA delivery systems and comprehensive editing programs to solve the most pressing challenges in drug development."

An industry veteran of more than 30 years, Mr. Munshi is former President and CEO of Arena Pharmaceuticals Inc., which he built from a $300 million market cap into a late clinical stage company before its acquisition for $6.7 billion by Pfizer. Dr. Barnes will retain his position on Orna's Board of Directors and serve as chair of its Scientific Advisory Board.

"Orna remains singularly focused on developing the right tools and technologies and building the right company to power an entirely new class of RNA-based medicines," said Dr. Barnes, founding Chief Executive Officer of Orna Therapeutics. "The combination of technologies positions Orna to advance best-in-class panCAR in vivo CAR RNA therapies and expand existing gene editing delivery solutions with circular RNA to address the massive unmet need in multiple diseases."

"Both Orna and ReNAgade were founded on our bold vision to push the boundaries of RNA medicine," said Ansbert Gadicke, M.D., Managing Partner of MPM BioImpact. "The fusion of these industry leaders in circular RNA and delivery will transform the landscape of RNA therapeutics and accelerate clinical milestones leading to greater impact for patients living with cancer and autoimmune diseases. The combined company is supported by a substantial financial position enabling these milestones."

Built by MPM BioImpact, both Orna and ReNAgade bring significant financing. Orna launched with $100 million in Series A financing in February 2021, subsequently announcing in August 2022 a $221 million Series B in addition to a strategic partnership. ReNAgade launched in May 2023 with $300 million Series A financing. The combined company will have a robust pipeline with panCAR programs in oncology and autoimmune disease, vaccine programs partnered with Merck, and genetic disease programs.

About Orna Therapeutics
Orna Therapeutics was founded on research by Alex Wesselhoeft, Ph.D., and Daniel G. Anderson, Ph.D., from MIT. It is dedicated to designing and delivering a new class of fully engineered circular RNA (oRNA^®) therapeutics with the potential to change the way we treat disease. Orna's proprietary platform combines novel technology to design circular RNA transcripts that drive protein expression with validated and unique delivery solutions. oRNA^® has many advantages over traditional mRNA approaches, including simplified production, improved formulatability, and superior protein expression – making it a highly disruptive, new class of RNA therapeutics with vast potential to change patients' lives. To learn more, visit www.ornatx.com and follow Orna Therapeutics on X and LinkedIn.

About ReNAgade Therapeutics 
ReNAgade exists to unlock the potential for RNA medicines to treat disease anywhere in the body. It combines novel RNA delivery platforms with a comprehensive RNA platform allowing for an all-RNA system for coding, editing, and gene insertion to develop new medicines. To accelerate the future of medicine, ReNAgade brings together a team with deep RNA and delivery expertise to develop paradigm-shifting RNA medicines.

SOURCE Orna Therapeutics