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.
Notice of New Share Issuance for KOSDAQ Listing
The Board of Directors of Orum Therapeutics (the "Company") resolved on October 2, 2024, to issue new shares for the purpose of listing on the KOSDAQ market. In accordance with the Korean Commercial Code and the Company's Articles of Incorporation, we hereby announce the following:
1. Type and Number of New Shares: 3,000,000 registered common shares
Public Offering: 3,000,000 shares
2. Par Value: KRW 100 per share
3. Issue Price: To be determined in consultation with Korea Investment & Securities Co., Ltd., the lead underwriter for the Company's KOSDAQ listing, based on the book-building results and in accordance with Article 5 (Determination of Public Offering Price of Stocks, etc.) of the Regulations on Securities Underwriting Business.
4. Method of Subscription:
Shares will be allotted to third parties pursuant to Article 10, Paragraph 2, Item 8 of the Company's Articles of Incorporation.
The lead underwriter will be entrusted with the underwriting and public offering of the new shares.
The allocation of shares will be conducted in accordance with Article 9 (Stock Allocation) of the Regulations on Securities Underwriting Business.
5. Payment Date (Expected): February 7, 2025 (Friday)
6. Others: Other details are delegated to the Chief Executive Officer.
Orum Therapeutics
2F, 281-25 Munji-ro, Yuseong-gu, Daejeon, Republic of Korea
Sung Joo Lee,
Chief Executive Officer
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