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BOSTON and SEONGNAM, South Korea, Dec. 29, 2023 /PRNewswire/ -- 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 Co., Ltd.
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. Visit http://www.tiumbio.com/en/ for more information about TiumBio.
Contacts:
TiumBio
Junseok Jang, Sr. Manager, Corporate Communications & Investor Relations
junseokjang@tiumbio.com
Suna Cho, Manager, Corporate Communications
sunacho@tiumbio.com