Swiss Biotech company ADC Therapeutics, an oncology drug discovery and development company specializing in the development of proprietary antibody-drug conjugates or ADCs for the treatment of both solid and hematological cancers, has raised US $ 105 million (€ 97 million) through a private placement. The financing was oversubscribed and supported by both new and existing investors, including the company’s founder, Auven Therapeutics, a private equity firm pursuing an innovative life science investment strategy, the Wild Family Office and AstraZeneca. The investment represents the largest funding round of 2016 in Europe.
Since inception in 2012, the Company has raised $255 million to advance its pipeline of proprietary ADCs.
This financing [round] acknowledges the progress ADC Therapeutics has made with its pipeline of clinical and preclinical programs in areas of high unmet medical need…
ADC Therapeutics’ highly targeted biopharmaceutical drugs combine monoclonal antibodies specific to surface antigens present on particular tumor cells with a novel class of highly potent pyrrolobenzodiazepine (PBD)-based payload via a chemical linker.
The company’s pyrrolobenzodiazepines (PBD)-based cytotoxins or “payloads” do not distort the structure of the target cell’s DNA, its antibody-drug conjugates offer the prospect of highly potent, target-selective cancer therapies with fewer side effects and the potential to pre-empt resistance issues faced by classical, existing, anti-cancer products on the market. ADC Therapeutics has an exclusive license from Spirogen, a subsidiary of MedImmune, the global biologics research and development arm of AstraZeneca, for its PBD chemistry platform for use in a number of proprietary programs.
Accelerate clinical development
The financing proceeds will be used to accelerate the progress of ADC Therapeutics’ pipeline in clinical development, and to fund commercial manufacturing processes for its lead programs. The company’s first two programs, ADCT-301 and ADCT-402, are currently in four clinical studies in important sub-types of lymphoma and leukemia. The company’s management team anticipates its next two pipeline programs, both targeting solid tumour cancers, will commence clinical development later in 2016 and early in 2017, respectively. As part of their accelerated clinical development program, ADC Therapeutics expects to have a total of six programs in clinical development within 18 months.
“This financing acknowledges the progress ADC Therapeutics has made with its pipeline of clinical and preclinical programs in areas of high unmet medical need,” noted Chris Martin, Ph.D, the CEO of ADC Therapeutics.
“We are now extremely well positioned to support our lead programs through multiple expansion studies based on the efficacy signals that are emerging from our initial clinical trials. We continue to rapidly grow our pipeline of proprietary antibody-drug conjugates in important hematological and solid tumor indications both on our own and in partnerships,” Martin noted.
ADC Therapeutics, based in Lausanne, Switzerland and has operations in London, San Francisco and New Jersey, enjoys strong relationships with a number of world class partners, including Astrazeneca and its global biologics research and development arm, MedImmune, Genmab and Cancer Research Technology.