Company: LIMN
Filing Date: 2025-01-27
Form Type: POS AM
Source: 0001104659-25-006325
Chunk: 246

Company: Liminatus Pharma, Inc.
Filing Date: 2025-01-27
Form: POS AM
Chunk 246
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. Additionally, the Iris Board expects that public market investors will understand and value Liminatus (and it’s potential) as a company. The Iris Board believes that Liminatus has appropriate plans to implement the governance measurers and financial systems and controls required by the public markets.

Acquisitions

High-value transactions have occurred in the CD47 space, which we believe underscores the demand from big pharmaceutical companies for effective CD47 therapies. Additionally, while some CD47 therapies have failed in recent years due to side effects, Liminatus’s anti-CD47 antibody, IBA-101, addresses this problem. This innovation could open the door to reviving clinical trials and therapies that were previously abandoned due to safety concerns, giving it a competitive edge in the market. With Liminatus’s novel CD47 antibody showing what we believe is a strong pre-clinical profile, we believe that there is significant potential for future partnerships or acquisition.

The Iris Board believes that the Business Combination continues to serve the best interests of stockholders, even in light of the TDT License Termination, due to the following:

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Liminatus’s licensing partnership with InnoBation, a biotechnology company headquartered in the Republic of Korea, specializing in cancer therapies. Through this partnership, Liminatus gains access to InnoBation’s anti-CD47 technology, a promising asset in the fight against cancer.

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Extensive clinical studies have highlighted CD47 as a compelling target for drug development across a broad range of cancers. Liminatus is well positioned in immuno-oncology, leveraging its differentiated anti-CD47 monoclonal antibody, which is specifically designed to address significant challenges observed in earlier CD47 therapies, such as anemia.

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The global market for CD47-targeted therapies continues to exhibit significant demand, particularly as these inhibitors gain traction in combination with established PD-1/PD-L1 blockades, a market projected to exceed $123 billion by 2033. Liminatus’s innovative approach and intellectual property rights make it well-suited to capture a significant share of this growing market.

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Furthermore, advances in research since the Business Combination Agreement was initially signed have strengthened the value proposition of the CD47 asset. Critical preclinical work, including CMC

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TABLE OF CONTENTS

development and toxicity studies, has been completed, alongside independent research revealing potential new applications for the CD47 asset in mitigating age-related diseases, such as cardiovascular disease and obesity. These developments highlight CD47’s