Orum Therapeutics, a Cambridge MA- and Daejeon, South Korea-based private biotech company, raised a $30m Series B financing.
New investors IMM Investment, Smilegate Investment, KTB Network, and Stassets Investment joined existing investors InterVest and KB Investment/Solidus Investment.
The company intends to use the funds to expand Oromab™ and further expand its R&D labs in Korea and Boston.
Led by Sung Joo Lee, Ph.D., Founder and CEO, and Peter Park, Ph.D., Chief Scientific Officer, Orum Therapeutics develops Oromab, a proprietary cell-specific, cell-penetrating antibody platform technology that targets “undruggable” proteins and delivers a variety of therapeutic payloads. The company is applying the platform to discover and develop novel therapeutics for cancer and rare diseases, both internally and with partners.
Using the Oromab platform, Orum builds antibodies that bind cell-specific receptors and are internalized through receptor-mediated endocytosis. With its proprietary design, these antibodies escape the early endosome into the cytosol. Once in the cytosol, the antibodies can be therapeutically active and directly target disease-causing proteins or deliver payloads. With Oromab, Orum is exploring several therapeutic avenues:
1) inhibiting Ras and tumor-specific intracellular oncogenic drivers,
2) delivery of oligonucleotides or enzymes for cancer and rare diseases, and
3) targeted degradation of disease proteins.