Orum Therapeutics Announces Pricing of Initial Public Offering
BOSTON, USA & DAEJEON, South Korea, February 3, 2025 – Orum Therapeutics (“Orum” or the “Company”) (KRX: 475830), a clinical-stage biotechnology company pioneering the field of degrader-antibody conjugates (DACs), today announced the pricing of its initial public offering of 2,500,000 shares of common stock at a public offering price of KRW 20,000 per share. All of the shares are being offered by Orum Therapeutics. The shares are expected to begin trading on the Korean Securities Dealers Automated Quotations (KOSDAQ) on February 14, 2025, under the stock code KRX: 475830. 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 50 billion.
The offering is expected to close on February 5, 2025, subject to the satisfaction of customary closing conditions.
Korea Investment Securities acted as underwriter for the offering.
A registration statement relating to the offering has been filed with the Financial Supervisory Service and was declared effective on January 16, 2025. The offering is being made only by means of a prospectus. Copies of the final prospectus relating to the offering, when available, may be obtained for free by visiting DART on the Financial Supervisory Service website at https://englishdart.fss.or.kr/. Alternatively, copies of the final prospectus, when available, may be obtained from Korea Investment Securities, Attention: https://securities.koreainvestment.com, by telephone at +82-2-3276-5783, +82-2-3276-5783-4528, or by email at KIS_COMM@koreainvestment.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Korean Securities and Exchange Act, as amended, and otherwise in accordance with applicable securities laws in any other jurisdiction.
About Orum’s TPD²® Approach
Orum’s unique Dual-Precision Targeted Protein Degradation (TPD²®) approach builds novel targeted protein degraders combined with the precise cell delivery mechanisms of antibodies to generate innovative, first-in-class, cell-selective TPDs for the treatment of cancer. Orum has developed new targeted protein degrader payloads to specifically degrade an intracellular target protein within cancer cells via the E3 ubiquitin ligase pathway. Conjugated to antibodies, the payloads are designed to be delivered specifically to target cells and precisely degrade the intracellular target protein of interest.
About Orum Therapeutics
Orum Therapeutics is a clinical-stage biotech pioneering the development of cell-specific, targeted protein degraders (TPD²®) with the precision of antibody targeting to improve cancer treatment for more patients. The company is advancing its GSPT1-directed TPD² programs and developing novel degrader payloads to expand the potential of targeted protein degradation. Orum's novel targeted protein degrader payloads are designed to selectively degrade key intracellular proteins, offering a highly targeted approach to treating difficult-to-treat diseases. Orum is located in Lexington, MA, US, and Daejeon, South Korea. For more info, 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. Statements in this release regarding matters that are not historical facts, including, but not limited to, statements relating to the commencement of trading in Orum’s shares, the anticipated gross proceeds of the offering, the closing of the offering, the potential therapeutic value of Orum’s technologies; and the potential for clinical success for ORM-5029 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; 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.
Contacts
Corporate: Kayla (Gyebang) Mo, Director, IR/PR, Orum Therapeutics, media@orumrx.com
Media: Jessica Yingling, Ph.D., President, Little Dog Communications Inc., +1-858-344-8091, jessica@litldog.com
Notice of New Share Issuance for KOSDAQ Listing
The Board of Directors of Orum Therapeutics (the "Company") resolved on December 20, 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: 2,500,000 registered common shares
Public Offering: 2,500,000 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 to Relaunch Initial Public Offering Next Year
Strategic decision reflecting market conditions
Orum Therapeutics (“Orum”) will resume its listing on the KOSDAQ market next year.
On November 29, Orum announced that it has postponed its initial public offering (IPO) plan that was scheduled for next month. The company had been preparing for the listing after submitting its securities registration statement.
“We have made the decision to postpone the public listing considering the current market situation, which is in the best interest of our stakeholders. We will continue to fulfill our mission of developing innovative drugs for patients in need,” said Sung Joo Lee, Ph.D., CEO of Orum Therapeutics.
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 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