In early trading on the 19th, Orum Therapeutics shares are up more than 10%. The stock is rising on news that the company will issue 145 billion won in convertible preferred shares (CPS) through a third-party allotment capital increase.
Orum Therapeutics develops degrader–antibody conjugate (DAC) therapies that combine antibody–drug conjugates (ADC) with targeted protein degraders (TPD).
As of 9:14 a.m., Orum Therapeutics is trading at 97,300 won on the KOSDAQ market, up 10,000 won (11.45%) from the previous session.
Previously, after the market closed the day before, Orum Therapeutics disclosed that it had secured a 145 billion won investment in convertible preferred shares (CPS). CPS refers to preferred shares that can be converted into common shares if the corporate value increases. The company can raise large funds without a liability burden, and investors can expect profits from a rise in the share price while reducing the risk of losses.
Orum Therapeutics plans to use the investment to kick-start clinical entry for its lead pipeline. The company said it will accelerate development of its portfolio of candidates, especially including the hematologic cancer therapy candidate "ORM-1153."