Danish antibody drug conjugate (ADC) specialist, Adcendo ApS, has announced the completion of an oversubscribed Series B financing round, raising USD135 million. The proceeds from this round will be utilized to accelerate the development of its first-in-class ADC pipeline, which includes the ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), ADCE-B05, and A0401 programs.
Enhancing Partnership with Duality Biologics
In conjunction with the financing, Adcendo has exercised its options within an existing agreement with China’s Duality Biologics, with the aim of developing additional ADC products through Duality Bio’s ADC platform technology. This strategic move underscores Adcendo’s commitment to expanding its ADC capabilities and strengthening its position in the global oncology market.
Investor Participation and Support
The financing round was led by TCGX and saw participation from a consortium of new investors, including TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital. All existing investors, such as RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma (a platform controlled by KKR), HealthCap, Gilde Healthcare, and Ysios Capital, also participated in the round, demonstrating strong investor confidence in Adcendo’s potential.
Licensing Access to Duality’s DITAC Platform
In January 2023, Adcendo licensed access to Duality’s DITAC (Duality Immune Toxin Antibody Conjugates) linker-payload platform for its lead uPARAP-ADC program in mesenchymal cancers. By May of the same year, Adcendo had exercised its options to two ADCs within the deal, marking a significant step in the company’s ADC development strategy.-Fineline Info & Tech
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