Company: OSRH
Filing Date: 2025-01-24
Form Type: S-4/A
Source: 0001213900-25-006139
Chunk: 268

Company: OSR Holdings, Inc.
Filing Date: 2025-01-24
Form: S-4/A
Chunk 268
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 potential DMOADs. OSR Holdings did not consider Merck KGaA and Galapagos as direct comparable companies because Merck is a major global pharma company with diverse pipelines and Galapagos has abandoned their DMOAD therapy after failed clinical trials. Among the public companies analyzed, Medipost (KOSDAQ: 078160) is the only company with an approved and commercially available DMOAD stem cell treatment in Korea. Approval was granted in 2012 by the Ministry of Food and Drug Safety of Korea. Medipost holds a market capitalization of approx. $175 million as of April 2024. ____________ 1Published online on May 13, 2023 on PubMed Central operated by National Library of Medicine 158 Kolon TissueGene’s (KOSDAQ: 950160) lead DMOAD candidate is currently in Phase 3 clinical trials and serves as the primary driver of their current $750 million market capitalization as of March 2024. Carmell Therapeutics (NASDAQ: CMTX) had advanced a lead DMOAD candidate for bone and cartilage regeneration and healing into Phase 2 clinical trials at the time of an announced SPAC merger with Alpha Healthcare Acquisition Corp III with a valuation of $150 million. Additionally, among the many private companies assessed and categorized as a DMOAD company according to the NLM publication, the most notable company comparable is Biosplice Therapeutics (formerly Samumed). Biosplice Therapeutics is developing small -moleculeDMOAD therapeutics that recently completed its Phase 3 clinical trials for the treatment of osteoarthritis. According to publicly available information from Dealroom.co, the company’s valuation, as of the last capital increase was $11.6 billion in April 2021. With a total of $884 million invested capital (according to PitchBook.com) and based on our applied metrics and explicit criteria for determining comparable companies, Biosplice Therapeutics is the most direct comparable private company to Darnatein from OSR Holdings’ research. Although Biosplice Therapeutics is further along in clinical development for their lead DMOAD candidate (Phase 3 vs preclinical), it is worth noting that Biosplice and Darnatein have similarities in their scientific approaches towards developing therapies for degenerative osteoarthritis. Both companies’ lead candidates target distinct, yet specific pathways known to promote osteogenic differentiation (i.e. Wnt vs BMP). Both pathways are known to play active roles