Orum Therapeutics Closes $84 Million Series B Financing To Advance Novel Targeted Protein Degrader Payloads Into Clinical Trials For Cancer
Orum’s Antibody neoDegrader Conjugate (AnDC™) platform creates ADC therapeutics to deliver a class of novel payloads specifically to cancer cells
Proprietary payloads, neoDegraders, are designed to target cancer-driving proteins for degradation via the E3 ubiquitin ligase pathway
Orum plans to use the proceeds to advance the company’s lead therapeutic candidates, ORM-5029 for solid tumors and ORM-6151 for hematological cancers, into the clinic and continue to advance R&D on its platforms and additional product candidates
June 23, 2021 07:00 AM Eastern Daylight Time
BOSTON & DAEJEON, South Korea--Orum Therapeutics, a biotech company pioneering the development of targeted protein degraders to treat cancer, today announced the close of a $84 million Series B financing. This includes a previously announced $30 million financing and $54 million in new funds led by IMM Investment and joined by new investors (KDB Investment and Atinum, among others) and existing investors (Intervest and KB Investment, among others). Orum plans to use the proceeds to advance the Company’s lead therapeutic candidates into clinical trials, explore additional payload chemistries to develop additional payloads that modulate the ubiquitin pathway, and other general corporate purposes.
Orum’s Antibody neoDegrader Conjugate (AnDC) platform is built on novel targeted protein degrader payloads combined with the precise tumor cell delivery mechanisms of antibodies to generate innovative, first-in-class antibody drug conjugates (ADCs) for the treatment of cancer. The company has developed a new class of ADC payloads, called neoDegraders, to specifically degrade intracellular target proteins within cancer cells via the E3 ubiquitin ligase pathway. Conjugated to antibodies, neoDegraders are designed to be delivered specifically to cancer cells and degrade the intracellular target protein and cause tumor cell death.
“AnDCs leverage the strengths of both targeted protein degraders and ADCs while overcoming the limitations of each modality. Advances in ADC therapies have been hampered by a lack of diversity in payloads with a novel mechanism of action to inhibit tumor cell growth, and small molecule degraders do not possess tissue specificity," said Peter U. Park, Ph.D., Chief Scientific Officer of Orum Therapeutics. “The team at Orum has created a unique set of payloads that can target intracellular proteins for degradation. These first-in-class targeted ADC protein degraders have the potential to deliver precise and catalytic tumor-killing action to improve cancer treatment.”
The lead therapeutic programs from Orum’s AnDC platform are ORM-5029 for the treatment of solid tumors and ORM-6151 for the treatment of hematological cancers. Each program employs a different antibody drug to specifically deliver Orum’s lead neoDegrader to tumor cells. The company plans to file Investigational New Drug (IND) applications for ORM-5029 and ORM-6151 in 2022 and 2023, respectively.
“We are grateful for the support of our new and returning investors as we continued to pursue our mission of developing new therapeutics to target ‘undruggable’ proteins and help patients with limited treatment options,” said Sung Joo Lee, Ph.D., Founder and CEO of Orum Therapeutics. “We believe our AnDC platform overcomes the lack of diversity in ADC payloads and the limitations of current targeted protein degrader technologies. With encouraging preclinical data on our two lead therapeutic candidates, we are excited to use the proceeds to continue to advance our first-in-class tumor-directed targeted protein degraders into the clinic for the treatment of cancer.”
About Orum Therapeutics
Orum Therapeutics is pioneering the development of tumor-directed targeted protein degraders to improve the treatment of cancer. The company’s neoDegraders are novel, proprietary payloads for targeted protein degradation and its Antibody neoDegrader Conjugate (AnDC) platform generates first-in-class antibody drug conjugates. The first therapeutic candidates from the AnDC platform are in development for the treatment of solid tumors and hematologic cancers. Orum is located in Cambridge, Massachusetts, U.S., and Daejeon, Korea. For more information, visit www.orumrx.com.