Verismo Therapeutics Completes Merger to Accelerate Clinical Development

PHILADELPHIA, Dec. 20, 2024 /PRNewswire/ -- Verismo Therapeutics, a clinical-stage CAR T company developing novel KIR-CAR platform technology, today announced the completion of a merger in which the company has become a wholly-owned subsidiary of HLB Innovation (KOSDAQ: 024850), a publicly traded company in South Korea and a member of the HLB Group. The merger certificate is expected to be filed shortly.

The merger will accelerate the clinical development of SynKIR™-110 and SynKIR™-310 for solid tumor and blood cancer patients, respectively, solidifying Verismo's and HLB Group's collective mission to advance its innovative KIR-CAR platform for patients worldwide.

"We are thrilled to take this next step with HLB Innovation as our parent company," said Bryan Kim, Chief Executive Officer of Verismo Therapeutics. "This merger not only strengthens our resources by leveraging HLB Group's dynamic bio-ecosystem, but also enhances our ability to rapidly advance our clinical pipelines. We're confident that with HLB Innovation's backing, Verismo is well-positioned to bring transformative therapies to areas of unmet medical need."

The HLB Group, which has a diverse portfolio that spans biopharma, medical devices, healthcare, lifestyle, and other sectors, previously held a majority stake in Verismo. This merger aligns with HLB Group's strategic commitment to expanding its capabilities in next-generation cell therapies.

About the KIR-CAR Platform
The KIR-CAR platform is a multi-chain CAR T cell therapy and has been shown in preclinical animal models to be capable of maintaining antitumor T cell activity even in challenging tumor microenvironments. Using NK cell derived KIR and DAP12 split signaling provides a novel combined activation and co-stimulation separate from the usual T cell stimulation pathways. It also enables sustained chimeric receptor expression and improves KIR-CAR T cell long term function. This results in prolonged T cell functional persistence and leads to regression of solid tumors in preclinical models that are resistant to traditional CAR T cell therapies.

About Verismo Therapeutics
Verismo Therapeutics, a wholly owned subsidiary of HLB Innovation, is a pioneer in multi-chain KIR-CAR technology, with its first assets SynKIR™-110 and SynKIR™-310 currently in Phase 1 clinical trials. Verismo is the only company developing the KIR-CAR platform, using a modified NK cell derived receptor and DAP12 pairing, designed to improve persistence and efficacy against aggressive tumors. The KIR-CAR platform technology was developed specifically to address areas of high unmet medical need, including advanced solid tumors and B cell associated disorders and malignancies. For more information, visit: www.verismotherapeutics.com

About HLB Group

The HLB Group is comprised of HLB Inc. (KOSDAQ:028300) and its affiliates with a diverse portfolio across biopharma, lifestyle, marine business, semiconductor, and energy, united by the mission of improving all aspects of human life. Members of the HLB Group include HLB Innovation (KOSDAQ: 024850), HLB BioStep (KOSDAQ:278650), HLB Pharmaceutical (KOSDAQ:047920), HLB Life Science (KOSDAQ:067630), HLB Therapeutics (KOSDAQ:115450), HLB Panagene (KOSDAQ:046210), and HLB Global (KOSDAQ:003580). HLB Group's overseas affiliates include Elevar Therapeutics, an oncology therapeutics company, Immunomic Therapeutics, a nucleic acid immunotherapy platform, and Verismo Therapeutics, all of which are based in the United States.

Forward Looking Statements

This press release contains forward-looking statements, including, but are not limited to, those statements regarding our expectations for the timing, progress, and results of clinical trials; potential regulatory approvals; anticipated benefits, safety, and efficacy of our product candidates; our product development strategies; and other statements that are not historical facts. These forward-looking statements are based on our current expectations and are subject to numerous risks and uncertainties that could cause actual outcomes to differ materially. Important factors that could cause actual results to differ include, among others, risks related to clinical trials, regulatory processes, market acceptance, financial projections, and our ability to successfully develop and commercialize our product candidates. Forward-looking statements in this release represent our beliefs and assumptions only as of the date hereof, and we expressly disclaim any obligation to update these statements as new information becomes available, except as required by law.

CONTACT: [email protected]

SOURCE Verismo Therapeutics