After creating antibody makers Apogee and Spyre, Paragon Therapeutics is back with another inflammatory and immune disease biotech, and the startup is immediately going to the public markets.
Waltham, MA-based biologics maker Oruka Therapeutics, focused on chronic skin diseases like plaque psoriasis, has inked a reverse merger agreement with a little-known Colorado biotech that had attempted to break into the difficult cardiovascular field of atrial fibrillation, or irregular and rapid heart rate.
Oruka will take the place of ARCA biopharma, which for 23 months had been searching for a merger or sale, on the Nasdaq. Its stock had plummeted after a Phase 2b fail in AF in early 2018. $ABIO will become $ORKA when the deal closes, which is expected in the third quarter.
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