Yes, the Runaways is the name of an actual 1970s girl band, on whose lives the film is based. The lead singer of the band, Cherie Currie, wrote a book about their experiences called Neon Angel - a Memoir of a Runaway, and the film is based largely on this book.
Mostly the names in the film are the names of the original band members - Cherie Currie, Joan Jett, Lita Ford and Sandy West. One difference is that the film has a character called Robin, a bass player, who wasn't there in real life. This is because the real player, Jackie Fox, did't want her name to be used in the film.
The film is popular with fans of the band and of 70s music generally. It is directed by Flora Sigismondi who has worked in the past with Marilyn Manson, and stars some well known names including Kristen Stewart and Dakota Fanning.