Orum Therapeutics, a new drug development corporations for targeted protein degradation (TPD), said on the 18th that it had secured a convertible preferred stock (CPS) investment worth 145 billion won. The company plans to accelerate clinical entry and new development of its major candidate groups based on the secured funds.
Orum Therapeutics is developing degrader–antibody conjugate (DAC) therapies that combine antibody–drug conjugates (ADC) and targeted protein degradation (TPD). If ADC is a treatment technology that attaches a drug to an antibody to deliver it precisely only to cancer cells, DAC delivers a drug that is a "protein degrader" attached to an antibody to cancer cells.
In 2023, it transferred a candidate therapy for acute myeloid leukemia to Bristol Myers Squibb (BMS) in the United States in a deal worth about 244.2 billion won, and last year transferred its TPD platform technology to Vertex Pharmaceuticals in the United States.
According to the company, the total size of this investment is 145 billion won. CPS, like common preferred stock, secures investment stability while offering a structure that can be converted into common stock if the value of the corporations rises. Corporations can raise large amounts of capital without debt burdens, and investors can expect revenue from future share price increases while reducing loss risk.
This investment round was led by existing investor KB Investment. Existing investors, including IMM Investment, Woori Venture Partners and Starset Investment, also participated. New investors included Weiss Asset Management, a global asset manager headquartered in Boston, along with Korea Investment Partners, DSC Investment, Company K Partners, AON Investment and Daily Partners, which have extensive investment experience in the bio sector.
Orum Therapeutics will use this investment to begin full-scale clinical entry for its flagship pipeline. In particular, it plans to speed up development of its portfolio of candidates, including the hematologic cancer candidate "ORM-1153." It also plans to invest funds to advance core platform technologies, such as next-generation payload development.
Lee Seung-ju, CEO of Orum Therapeutics, said, "We are developing new drugs that overcome the limits of treating severe diseases, including cancer, by combining a potent protein degradation payload with antibody-based delivery technology," and added, "This investment will advance our key pipeline as it approaches clinical stages and lay a technological foundation to expand beyond oncology into various disease areas."