Orum Therapeutics sets Kosdaq IPO price at ₩20,000 amid clinical setback

Korean biotech company Orum Therapeutics has set its public offering price for the Kosdaq listing at 20,000 won ($13.7) per share.

The company said Tuesday that it would conduct an initial public offering totaling 50 billion won by issuing 2.5 million new shares. The general subscription will close on Wednesday, and Korea Investment & Securities will serve as the lead manager. The expected listing date is Feb. 14.

Orum Therapeutics develops anticancer drugs based on an antibody-drug conjugate (ADC) platform. Its proprietary dual precision targeted protein degradation (TPD²) technology uses antibodies to deliver proteolytic agents to cancer cells.

Its main pipeline includes ORM-5029 for HER2-positive metastatic breast cancer and ORM-6151 for acute myeloid leukemia. However, the company recently found a serious adverse event (SAE) in its phase 1 trial of ORM-5029, suspended the recruitment of new patients, and is conducting a safety evaluation.

In July last year, Orum Therapeutics signed a 1 trillion won technology transfer agreement with Vertex Pharmaceuticals. In November, ORM-6151 was transferred to Bristol-Myers Squibb (BMS).

Orum Therapeutics has laboratories in Lexington, Mass., in the United States, and Daejeon.