Shares of Orum Therapeutics recorded the daily limit down on the 28th following news that the clinical trials for its candidate drug to treat benign metastatic breast cancer and malignant tumors, deemed a core pipeline, would be voluntarily suspended.
As of 2:28 p.m. that day, Orum Therapeutics was trading at 17,850 won, down 7,650 won (30.00%) compared to the previous day in the KOSDAQ market. This decline was influenced by the company's announcement that it would voluntarily suspend the clinical trials for ORM-5029, a treatment for benign metastatic solid tumors, including breast cancer. This marks the lowest price for Orum Therapeutics since it was listed on the KOSDAQ market on Feb. 14.
ORM-5029 was being developed as a breast cancer treatment based on Orum Therapeutics' antibody-drug conjugate (ADC) platform. It had received approval from the U.S. Food and Drug Administration (FDA) in 2022 and was undergoing Phase 1 clinical trials. However, a serious adverse event (SAE) occurred involving one clinical trial participant in the U.S. Phase 1 trial last November. The patient died, and ORM-5029 has since suspended recruiting new trial participants.
Orum Therapeutics noted, “We decided to suspend the development of the program based on a comprehensive evaluation of the clinical safety, pharmacokinetics (PK), and pharmacodynamics (PD) data derived from Phase 1 clinical trials,” adding that, “This decision reflects the company's commitment to prioritize patient safety and develop treatments with a clear risk-benefit profile.”
Additionally, it emphasized that “the decision also includes the goal of strategically concentrating resources on the next-generation pipeline based on our proprietary platform.”
Orum Therapeutics was listed on the KOSDAQ market on Feb. 14. After recording an initial public offering price of 20,000 won, the stock rose 9% to 21,800 won on the first day, later hitting the daily limit up, reaching 28,300 won the following day. The stock continued to rise steadily, even reaching a closing price of 36,850 won.