Daejeon, South Korea, December 21, 2016 – Orum Therapeutics today announced that it has been selected to participate in the Tech Incubator Program for Startup (TIPS), a program from South Korea’s Small and Medium Business Administration to support promising startups in the industry.
Orum is a private biotech creating the next generation of antibody therapies. The company leverages its cell penetrating antibody platform that is able to transform antibodies to effectively target undruggable cytosolic targets, such as KRAS. In contrast to other approaches, Orum’s antibody platform can target specific cell types and does not require chemical conjugation.
“We are honored to be named by TIPS as one of the most promising startups in Korea,” said Sung Joo Lee, Ph.D., Co-founder and CEO of Orum Therapeutics. “Since launching the company this year with angel investment from KITE Entrepreneurship Foundation, we built a team with a strong sense of purpose and have advanced our lead program targeting KRAS with the goal of bringing new medicines to cancer patients who have no other options.”
TIPS, or Tech Incubator Program for Startup, provides R&D grants up to five-fold the amount of investments by pre-qualified angel investors. International and national angel investors and companies interested in early-stage investments can apply to qualify for the program. In addition to amplifying early angel investments, TIPS offers angel investor networking, company incubation, and mentoring and professional support.
“We review a number of opportunities to identify startups with breakthrough technologies,” said Chulwhan Kim, CEO of the KITE Entrepreneurship Foundation. “We are pleased to not only invest in Orum Therapeutics but also to partner with the TIPS program, who amplifies and strengthens our investment.”
About Orum Therapeutics, Inc.
Orum Therapeutics is a private biotech company developing a new class of antibody therapeutics to bring new medicines to patients who have no other options. Orum leverages its unique cell penetrating antibody platform to inhibit cytosolic targets unapproachable by small molecule or therapeutics antibodies. This provides new opportunities to treat severe genetic diseases and cancer. More information about Orum Therapeutics is available at http://www.orumrx.com.
About TIPS (Accelerator Investment-Driven Tech Incubator Program for Startup)
TIPS is designed to identify and nurture the most promising startups with innovative ideas and groundbreaking technologies. It appoints and designates successful angel startup founders – who are now angel investors and leaders of technological enterprises – as their incubators/accelerators. More information is available at http://www.jointips.or.kr/about_en.php.
About KITE Entrepreneurship Foundation
KITE is a privately funded angel investment foundation lead by Chulhwan Kim, a successful entrepreneur. KITE identifies, invests and nurtures tech-focused startup teams with a mission to build a supportive environment for entrepreneurs who in return supports other entrepreneurs. For more information, http://www.kiteef.or.kr/smain.html.