Company: LIMN
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001104659-25-010605
Chunk: 242

Company: Liminatus Pharma, Inc.
Filing Date: 2025-02-07
Form: 424B3
Chunk 242
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, specifically focusing on immune-modulating cancer therapies. With their innovative approach to developing next-generation CD47 checkpoint

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inhibitors, we believe Liminatus operates in a market segment ripe for disruption. The global cancer therapy market was valued at $70 billion in 2022.

We believe the global market for CD47-targeted therapies has consistently had high demand for novel immune checkpoint inhibitors. CD47 therapies target various hard-to-treat cancers, including acute myeloid leukemia (“AML”) and several solid tumors, which are areas of high unmet medical need. There is a proven commercial and therapeutic demand for advanced CD47 inhibitors. Additionally, Liminatus’s next-generation anti-CD47 antibody, IBA-101, is aiming to solve a critical issue faced by earlier CD47 inhibitors — anemia. One of the biggest challenges in CD47 therapies has been the destruction of red blood cells (“RBCs”), leading to anemia, a serious side effect. However, IBA-101’s RBC-sparing property eliminates this concern, which enhances its therapeutic potential and marketability. The value of IBA-101 has been highly rated due to findings that showed excellent performance in in vivo efficacy and toxicity tests in vitro and in humanized mice. We believe that due to its readiness for an FDA IND application, CD47 has great potential in this growing market, especially given its importance as a therapeutic target.

Furthermore, Liminatus’s strategic collaborations with institutions and their focus on in-licensing promising therapeutic assets to broaden their pipeline demonstrate their commitment to staying at the forefront of technological advancements in the field.

Through the Business Combination with Liminatus, we can leverage its innovative technologies to address significant unmet medical needs in cancer therapy on a global scale. Liminatus’s portfolio of highly promising assets and strategic vision to become a global biopharmaceutical leader make it an ideal candidate for international expansion within the growing market for disruptive technologies in oncology.

Steady Growth Business with High Revenue Potential

We focused on investments whose growth potential is backed by adoption of technology and whose end product can be consumed by the growing middle-class population. We viewed growth as an important driver of value and sought companies whose growth potential could generate meaningful upside potential.

The Iris Board believes that Liminatus’s growth potential is backed by a growing immuno-oncology market. Additionally, the Iris Board believes that the presence of multiple biotechnology and pharmaceutical companies pursuing programs in this sector demonstrates