Adaptimmune secures $125M for T-cell therapy launch

Adaptimmune Therapeutics has secured a debt financing arrangement with Hercules Capital, valued at up to $125 million, to support the potential launch of its experimental therapy afami-cel for synovial sarcoma. This autologous T-cell therapy, engineered to target MAGE-A4, is currently undergoing a priority review by the FDA, with a decision anticipated by August 4.

The financing agreement will provide an initial $25 million tranche immediately after the closure of the five-year loan deal. If afami-cel receives FDA approval, Adaptimmune will be able to access an additional $25 million. A further $75 million can be drawn in three separate tranches, contingent on certain undisclosed conditions.

Aside from afami-cel, the newly secured funds will also assist in preparing for the launch of Adaptimmune's second candidate, lete-cel, expected to debut in 2026. Lete-cel is a cell therapy targeting NY-ESO and is currently in Phase II trials (IGNYTE-ESO) for treating patients with synovial sarcoma and myxoid/round cell liposarcoma (MRCLS).

This financing deal comes in the wake of a significant shift for Adaptimmune. Just a month prior, Roche’s Genentech unit terminated a collaboration established in 2021, which aimed to develop T-cell therapies for cancer. While this partnership did bring in $185 million for Adaptimmune, it fell considerably short of the $3 billion potential earnings envisioned in the original agreement.

In summary, the secured financing will play a crucial role in bolstering Adaptimmune’s efforts to bring both afami-cel and lete-cel to market, amidst recent changes in its collaborative landscape.