Orum Therapeutics Submits Registration Statement for KOSDAQ Listing
Initial public offering price range of KRW 30,000 to KRW 36,000
Daejeon, South Korea, and Boston, US, October 2, 2024 - Orum Therapeutics (“Orum” or the “Company”), a biopharmaceutical company pioneering the field of degrader-antibody conjugates (DACs) based on its Dual-Precision Targeted Protein Degradation, TPD²® approach, today announced that it has filed a registration statement with the Financial Supervisory Service to list on the KOSDAQ market and will begin the initial public offering process.
DACs are considered as a next-generation therapeutic modality that can selectively deliver targeted protein degradation (TPD) agents to target cells via antibodies and degrade proteins of interest within the cell to treat disease.
Orum, having developed multiple DAC platforms using the TPD² approach, currently has a clinical-stage program that leverages GSPT1 degradation, and a proprietary linker technology, TPD²-PROTAb, for the conjugation of various TPDs as novel payloads.
Last year, Orum recorded revenue of KRW 135.4 billion, operating income of KRW 95.6 billion, and net profit of KRW 68.2 billion. The total number of new shares being offered is 3 million, and the offering price per share will range from 30,000 won to 36,000 won. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses payable by Orum, are expected to be approximately KRW 90 billion. Orum will conduct a demand forecast for domestic and foreign institutional investors from October 24–30, 2024, to finalize the initial public offering price and conduct a public subscription for two days from November 5-6, 2024. The underwriter is Korea Investment & Securities.
About Orum Therapeutics
Orum Therapeutics is a private, clinical-stage biotech pioneering the development of cell-specific, targeted protein degraders (TPD²®) and stabilizers (TPS²™) with the precision of antibody targeting to improve cancer treatment for more patients. The lead therapeutic candidate from the TPD² GSPT1 platform, ORM-5029, is in clinical development for the treatment of HER2-expressing solid tumors. The TPS² approach uses proprietary Cbl-b inhibitor payloads conjugated to immune cell- or tumor cell-targeting antibodies. Orum is located in Lexington, MA, US, and Daejeon, South Korea. For more info, please visit www.orumrx.com/.
Disclaimer
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, the securities of Orum Therapeutics, Inc. (“Orum”) or any of its affiliates, and shall there be no sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful, including in Korea prior to registration or qualification under the rules of the Korean Financial Supervisory Service and any stock exchange. This release contains forward-looking statements based on Orum’s current expectations and beliefs as of the date of this press release, which statements are subject to uncertainties that could cause actual results to differ materially from those expressed; Orum urges investors to exercise caution with respect to such forward-looking statements. This press release speaks only as of the date of publication, and Orum undertakes no obligation to update or revise the statements herein.
Contacts
US Media: Jessica Yingling, Ph.D., President, Little Dog Communications Inc., jessica@litldog.com
Non-US Media: Chloe Moon, media@orumrx.com
