South Korean TiumBio has raised KRW20bn ($12m) through stock financing to fund the development of its clinical programmes.
The capital would be primarily used to support the clinical development of its three lead candidates – merigolix (TU2670), TU2218 and TU7710, as per a 29 December 2023 press release. The funds were raised by a stock financing of 2,320,185 shares of the company’s convertible preferred shares at KRW8,620 per share in a private placement.
Following the current financing, TitumBio has KRW40bn in cash reserves, which is expected to fund its operations into 2025. In October, the company raised KRW 18.5bn by financing convertible bonds.
TiumBio’s lead candidate, merigolix is a once-daily, oral gonadotropin-releasing hormone (GnRH) receptor antagonist. It is being investigated as a treatment of endometriosis in a Phase II trial in Europe, with trial results expected in H1 FY 2024.
Endometriosis occurs when tissue similar to the lining of the uterus (endometrium) grows outside the uterus. GobalData forecasts the endometriosis market to generate $2.91bn across seven main markets in 2030.
GlobalData is the parent company of Pharmaceutical Technology.
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Merigolix is being developed in partnership with China-based Hansoh Pharmaceutical Group. In August 2022, TitumBio licensed mergolix to Hansoh Pharma for development and commercialisation in China. The deal was worth up to $170m, including a $4.5m upfront payment, along with tiered royalties upon net sales.
The company is also developing an immune-oncology therapy, TU2218. TU2218 is a dual kinase inhibitor that targets transforming growth factor beta (TGF-β) and vascular endothelial growth factor (VEGF). The therapy is being investigated as a treatment of solid tumours as a monotherapy in a Phase Ia trial (NCT05204862) and in combination with MSD’s Keytruda (pembrolizumab) in a Phase Ib trial (NCT05784688). The data from the Phase Ib trial is expected in H1 FY 2024.
TU7710 is a recombinant protein being developed for the treatment of haemophilia with inhibitors. The therapy is currently in Phase I clinical trial in South Korea.