Bengaluru: ADC Therapeutics, a Swiss oncology drug R&D firm that specializes in developing Antibody Drug Conjugates (ADCs), announces its fresh round of $80 million funding from leading European and U.S. based investors along with AstraZeneca and founding investor Auven Therapeutics. The company plans to shell-out the freshly raised funds for further development of its products including the ADCT-301 for lymphoma and leukemia and also collaborates with MedImmune, the global biologics R&D arm of AstraZeneca to develop two ADCs. Dr. Christoph Ladanyi, Co-Founder and Managing Director of BLMS Capital, and its corporate legal counsel Homburger acted as the advisors to ADC Therapeutics on this deal.
Speaking about the new fundraising, Dr. Chris Martin, CEO, ADC Therapeutics says, “The significant advances we have made in progressing our pipeline of ADCs have been recognized by this financing round. In a major milestone for the company, our first ADC candidate drug entered the clinic earlier this year and we are on track to file for our second IND with the FDA by the end of October”.
“The quality of investors we have been able to attract and the size of this investment round, just over three years since the Company was founded, is a great endorsement of our strategy and potential. This financing provides the funds required to aggressively develop our pipeline of proprietary ADCs with best-in-class PBD-based warheads and linkers as an important part of the next-generation of cancer drugs, with the potential to impact cancer patients worldwide,” comments Dr. Peter B. Corr, Chairman, ADCT and Co-Founder and Managing General Partner, Auven Therapeutics.
ADC Therapeutics was established in 2012 by private equity firm Auven Therapeutics. This four-year old biotech firm is headquartered in Lausanne, Switzerland and uses the laboratory facilities of Queen Mary Bioenterprises Innovation Centre, London. ADC Therapeutics manages its manufacturing and clinical studies from its U.S. offices in San Francisco and New Jersey.
It develops antibody drug conjugates (ADCs) and non-antibody drug conjugate products. The company’s ADCs are highly targeted drug constructs which combine monoclonal antibodies specific to surface antigens on particular tumor cells with a novel class of highly potent pyrrolobenzodiazepine (PBD)-based warheads. Currently, ADC Therapeutics is progressing 11 ADC programs, two of these under a joint development agreement with MedImmune and its flagship product – ADCT-301 for lymphoma entered Phase I in mid 2015.