** Shares of drug developer Frequency Therapeutics Inc

rise 85.40% to 77 cents premarket

** Co and RNA editing co Korro Bio Inc to merge into genetic medicines co focused on advancing Korro Bio's wholly owned portfolio of RNA editing programs

** Combined co to operate under Korro Bio and expected to have cash balance of ~$170 million at close; will apply to trade on Nasdaq under “KRRO”

** Merger and related financing expected to close in Q42023, subject to approval by FREQ's stockholders and other customary closing conditions

** Korro Bio's lead program is a disease-modifying therapy for patients with alpha-1 antitrypsin deficiency $(AAT)$, a condition that raises risk for lung and other diseases

** Up to last close, stock down ~89% this year

(Reporting by Sriparna Roy in Bengaluru)

((Sriparna.Roy@thomsonreuters.com;))