Orum Therapeutics Secures $30 Million Series B Financing to Advance Oromab Platform for Cell-Penetrating Therapeutic Antibodies

On July 18, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotechnology company Orum Therapeutics (“Orum”) announced the completion of a $30 million Series B financing round. Investors in this round included IMM Investment, Smilegate Investment, KTB Network, Stassets Investment, InterVest, KB Investment, and Solidus Investment.

Orum will utilize the funds from this financing round to build Oromab, a platform for developing specific cell-penetrating antibodies, and expand its R&D laboratories in South Korea and the United States.

It is reported that Orum completed an $8 million Series A financing round in June 2017, led by Solidus Investment and others.

Orum, established in 2016 and headquartered in Daejeon, South Korea, is a private biotechnology company. The company is dedicated to developing novel therapeutic antibodies (“Cure Antibodies”) and leveraging its Oromab platform to explore new treatments for cancer and rare diseases. Orum aims to inhibit gene mutations, such as those in the RAS gene, through antibody-based drugs. Research has shown that RAS gene mutations are closely associated with the development of lung cancer, pancreatic cancer, and colorectal cancer.

Orum boasts a professional antibody R&D team. The company’s founder and CEO, Sung Joo Lee, previously worked at the pharmaceutical and healthcare giant Sanofi. Sung Joo is dedicated to researching therapeutic solutions for various diseases, including hepatitis B, hepatocellular carcinoma (HCC), diabetes, and Alzheimer’s disease (AD). Orum’s Chief Scientific Officer, Peter Park, has over 17 years of scientific research experience in targeted oncology therapies. Peter was also one of the developers of isatuximab, a treatment for multiple myeloma.

The Oromab platform is utilized to develop novel therapeutic antibodies targeting cytosolic binding proteins. These antibodies recognize cell-specific receptors and enter the cytosol via receptor-mediated endocytosis. Therapeutic antibodies developed using Orum’s platform technology can be activated within the cytosol to target and degrade pathogenic cytosolic proteins. Furthermore, specific cell-penetrating antibodies in intact IgG format exhibit the pharmacokinetic profile characteristic of IgG monoclonal antibodies (mAbs) and can be manufactured at scale using conventional mAb production technologies.

Leveraging the Oromab platform technology, Orum is exploring multiple therapeutic avenues: inhibiting RAS genes and oncogenic drivers, delivering oligonucleotide enzymes for the treatment of cancer and rare diseases, and targeting disease-causing proteins for degradation.

Dr. Sung Joo Lee stated, “Many cancer challenges are currently considered difficult to overcome, and the development of antibody-based drugs is highly challenging. By delivering antibodies into cells, our technology platform redefines the future of cancer therapy.”

Dr. Peter Park stated, “The uniqueness of Oromab lies in its ability to not only enhance the prospects of targeted drug therapy but also overcome the limitation of antibodies’ difficulty in entering the cytosol.”

IMM Investment, established in 1999 and headquartered in Seoul, South Korea, is a venture capital firm. The company primarily focuses on industries such as biotechnology, oncology, healthcare, and information technology. IMM Investment currently manages 12 venture capital funds, with total assets under management exceeding KRW 353 billion.

Smilegate Investment, established in 1999 and headquartered in Seongnam, South Korea, is a venture capital and private equity firm. The company focuses on the South Korean cultural market and has set up more than 30 venture capital funds since its inception, investing in over 200 companies.

KTB Network, headquartered in Seongnam, South Korea, is a venture capital and private equity firm. The company primarily invests in sectors such as healthcare, the Internet of Things (IoT), biotechnology, and information technology. KTB Network was the first Korean firm to enter China’s venture capital market, and as of June 2019, its venture capital performance ranked first in the Asia-Pacific region.

Stassets Investment, headquartered in Seongnam, South Korea, is a venture capital firm. The company focuses on the pharmaceuticals, medical devices, digital health, cosmeceuticals, and nutraceuticals industries, primarily investing in startups. Stassets Investment boasts an experienced investment team that not only provides financial support to entrepreneurial companies but also assists them in making strategic decisions.

InterVest, a financial services company founded in 1987 and headquartered in Washington, U.S., has invested in multiple biotechnology and biopharmaceutical companies, including Neuraly, ExoCoBio, and ImmunoMet Therapeutics.

KB Investment, established in 1990 and headquartered in Seoul, South Korea, is a leading venture capital and private equity firm. As a premier financial group in South Korea, the company is renowned for its robust industry network and unique investment solutions. A subsidiary of KB Financial Group, KB Investment manages over $1.4 billion in assets, boasting the largest domestic client base in South Korea and an extensive branch service network.

Solidus Investment, established in 2011 and headquartered in Seoul, South Korea, is a venture capital firm. The company primarily invests in the biotechnology, agriculture, marine products, green energy, and IT sectors.

(Compiled by Xu Xiaoxue)