Newsroom
TiumBio Secures KRW 38.5 Billion in Anticipation of Upcoming Clinical Data
- The proceeds will fund its robust clinical programs and bolster TiumBio’s financial position.
- Data read-outs from a Phase 2 trial of merigolix in endometriosis and a Phase 1b trial of TU2218 in solid tumors are expected in the first half of 2024
TiumBio Co., Ltd. (KOSDAQ: 321550), a clinical-stage biopharmaceutical
company focusing on discovering and developing innovative therapeutics for
patients with rare and incurable diseases, today announced the completion of a
stock financing of 2,320,185 shares of its convertible preferred shares at a
price of KRW 8,620 per share in a private placement. TiumBio sold the stock to
SK Chemicals Co., Ltd. securing 20 billion won to fund its development of lead
pipeline assets.
With a financing of convertible bonds of 18.5 billion won
closed in October this year, TiumBio now has approximately 40 billion won ($31
million) in cash and available-for-sale securities, which is expected to fund
operations into 2025.
TiumBio was spun off and founded by Hun-taek Kim, who served
as the head of Innovation R&D Center at SK Chemicals. SK Chemicals boasts a
rich history of more than 30 years in researching and developing novel drugs.
The funds will be primarily
allocated to support its clinical programs that include a Phase 2 trial of
merigolix, a once-daily, oral gonadotropin-releasing
hormone (GnRH) receptor antagonist, in endometriosis, and a Phase 1b trial
of TU2218, a first-in-class oral immune-oncology
therapy targeting TGF-β and VEGF, in combination with
pembrolizumab, and a Phase 1 trial of TU7710, a recombinant protein designed to
treat people with hemophilia who have inhibitors.
“With investors believing in
our vision for developing breakthrough therapies, we are committed to patients
who suffer from incurable diseases,” said Hun-taek Kim, Ph.D., MBA, Founder and
CEO at TiumBio. “we look forward to sharing results with all stakeholders from
the ongoing Phase 2 trial in endometriosis and the Phase 1b trial of TU2218 in
advanced solid tumors, expected in the first half of 2024,” he added.
About TiumBio
TiumBio
(KOSDAQ: 321550) is a clinical-stage biopharmaceutical company focused on the
discovery and development of innovative therapeutics for patients with rare and
incurable diseases. Our mission is to expand the hope and happiness of mankind
through our science. TiumBio has three lead pipeline assets, including
merigolix (code name: TU2670), TU2218, and TU7710, in clinical development. Merigolix
is a once-daily, oral GnRH receptor antagonist being
developed for the treatment of endometriosis and uterine fibroids. TU2218 is a
first-in-class oral immune-oncology therapy targeting TGF-β and
VEGF to promote response rates in combination with immune checkpoint
inhibitors. TU7710 is a recombinant protein designed to treat people with
hemophilia who has inhibitors. With our expertise in drug development, we are
dedicated to discovering and developing innovative treatments to ease the
burden of debilitating diseases. For more information, visit http://www.tiumbio.com/en/ and follow us on LinkedIn.
Contacts:
TiumBio
Junseok Jang, Sr. Manager, Corporate Communications
& Investor Relations
Suna Cho,
Manager, Corporate Communications