Orum Therapeutics is making another attempt to be listed on the KOSDAQ. This comes about a month after retracting its listing due to the chilly stock market. This time, the company is lowering its target price and aiming for successful fundraising early next year.
According to the pharmaceutical and bio industry on the 25th, Orum Therapeutics submitted a securities registration statement to the Financial Services Commission on the 23rd for its KOSDAQ listing.
Orum Therapeutics is a new drug development bio venture established in 2016. It holds technology for degradation-antibody conjugates (DAC) that combines antibody-drug conjugates (ADC) with targeted protein conjugates (TPD). Targeted protein conjugates are a next-generation new drug platform that addresses the causes of diseases by degrading the target protein itself. Orum Therapeutics is recognized for its technological prowess in the global market, having secured technology export contracts consecutively last year and this year.
Orum Therapeutics conducted a demand forecast for institutional investors last November for its listing. However, it withdrew its application due to a downturn in the investment market and weak demand.
Orum Therapeutics' new offering price is set between 24,000 and 30,000 won, reflecting a decrease of about 20% compared to the previous range of 30,000 to 36,000 won. The amount offered was also reduced from 3 million shares to 2.5 million shares. Based on the lower end of the offering price, the expected fundraising amount is 60 billion won, with a market capitalization of 502.3 billion won.
The new demand forecast for Orum Therapeutics will take place from January 17 to 23 next year. The offering price will be determined in February, and general investor subscriptions will be accepted on February 4-5. The listing underwriter is Korea Investment & Securities.