UK-based ADC Biotechnology, an innovative biotechnology company developing new process technology to speed, simplify and significantly lower the production costs of antibody-drug conjugates, has secured additional funding of £2.5 million (U.S. $ 3.2 million) from existing investors and company management.
The additional funds will be use to finance the company’s strategic move into downstream formulation and fill finish capabilities.
“We are delighted to have obtained this additional injection of funds that will be used to support the company’s strategic aspirations, including conceptual design of a downstream formulation and filling operation to complement our existing bioconjugation operations at the Deeside facility,” said Charlie Johnson, Chief Executive Officer of ADC Biotechnology.
“We are also looking to fully exploit our core Lock-Release technology to create a transformative manufacturing paradigm that will significantly streamline ADC manufacturing supply chains,” he added.
The proprietary Lock-Release technology developed by ADC biotechnology is a fast, simple, cost efficient and robust system to guarantee ADCs of a consistently high quality and purity. The technology is the only commercially available system that controls aggregation at source, is scaleable and capable of meeting cGMP regulatory requirements required to produce materials for use in human clinical trials.
This follows the announcement last April in which the company unveiled that it had secured funding from Downing LLP to bolster the company’s marketing and new business drive for quicker penetration into the main US market.
“The investment has been secured in response to strong supportive trends from the ADC development sector and will be put to good use in our planned strategy to further differentiate our company’s unique technology and service offering,” Johnson noted:
The investment syndicate consists of Maven Capital Partners, Seneca Partners, the Development Bank of Wales and Downing LLP.