Orum Therapeutics Selected for the 2024 Venture 100 Billion Won Companies Club by the Korean Ministry of SMEs and Startups
Asset sale last year to a global pharmaceutical company included a US$100 million upfront payment with the potential for milestone payments for a total deal value of US$180 million
BOSTON, USA & DAEJEON, South Korea, [November 26], 2024 – Orum Therapeutics (“Orum” or the “Company”) announced today that it has been selected for the 2024 Venture 100 Billion Won Companies Club by the Korean Ministry of SMEs and Startups, an accolade organized by the Ministry and overseen by the Korea Venture Business Association.
The Venture 100 Billion Won Companies Club is a designation recognizing companies that have achieved over 100 billion KRW in revenue based on 2023 financials, among companies that have been identified as venture-backed companies at least once since the implementation of the Venture Identification System in 1998.
Last year, Orum successfully entered into an asset sale agreement with a global pharmaceutical company, receiving an upfront payment of US$100 million. In addition, Orum is eligible to receive milestone payments for a total deal value of US$180 million.
The asset transferred was an anti-CD33 antibody-enabled GSPT1 degrader that has received the U.S. FDA’s clearance for an Investigational New Drug (IND) application to commence a Phase 1 clinical trial for the treatment of patients with acute myeloid leukemia (AML) or high-risk myelodysplastic syndromes (MDS).
In related news, Orum’s CEO Sung-Joo Lee received a Presidential Commendation at the 38th Day of Medicine ceremony hosted by the Ministry of Food and Drug Safety on November 18, 2024. This award recognizes contributions to enhancing drug safety and promoting the pharmaceutical industry and to national industrial development.
Day of Medicines is celebrated annually in Korea on November 18th to raise awareness of the importance of medicines in maintaining public health and safety.
About Orum Therapeutics
Orum Therapeutics is a private, clinical-stage biotech pioneering the development of the cell-specific, targeted protein degraders (TPD²) approach, which combines the precision of antibody targeting technology. Orum is located in Lexington, MA, US, and Daejeon, South Korea. For more info, please visit www.orumrx.com.
Orum Therapeutics Forward-Looking Statements
This press release contains forward-looking statements that are based on the current expectations and beliefs of Orum Therapeutics, Inc. (“Orum”). Statements in this release regarding matters that are not historical facts, including, but not limited to, statements relating to the potential for future transactions involving Orum’s technologies; the potential for successful completion of clinical trials, regulatory approval, or product commercialization; and the potential for the payment of any milestones are forward-looking statements. These forward-looking statements are based on management’s expectations and assumptions as of the date of this release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the uncertainty of success in research and development activities; risks related to clinical trials, including potential delays, safety issues, or negative results; business decisions made by third parties; competition from alternative therapies; the risk that product candidates may not be successfully commercialized or adopted; and risks related to the recruitment and retention of key employees, fluctuating markets and economic conditions, health care reform, prices, and reimbursement rates. The forward-looking statements in this presentation speak only as of the date of this release, and Orum undertakes no obligation to update or revise any of the statements. Orum cautions investors not to place considerable reliance on the forward-looking statements contained in this release.
