Adcendo Raises $135M in Oversubscribed Series B for ADC Pipeline

Adcendo, a biotechnology company based in Copenhagen, Denmark, has successfully completed a substantial $135 million Series B financing round. This latest funding effort will help accelerate the development of Adcendo's pipeline of first-in-class antibody-drug conjugates (ADCs) aimed at treating cancers with high unmet medical needs. The financing round was significantly oversubscribed, demonstrating strong investor confidence in the company's innovative cancer therapies.

Led by TCGX, a healthcare investment firm, the funding round saw participation from new investors such as TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital (a Citadel company), and Logos Capital. All existing investors, including RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma (a KKR-controlled platform), HealthCap, Gilde Healthcare, and Ysios Capital, also participated, showcasing a robust investment community backing Adcendo's mission.

Adcendo's Chief Executive Officer, Michael Pehl, expressed his enthusiasm about the successful financing round, emphasizing the importance of the support from such a strong group of investors. He noted that the excitement surrounding ADCs and the expertise and dedication of the Adcendo team drive their mission to advance their programs into clinical stages. Pehl highlighted the company's commitment to achieving significant milestones across their pipeline with the new funding.

Cariad Chester, Managing Partner of TCGX, also commented on the transformative impact of ADCs on the clinical landscape and the standard of care for solid tumors. Chester expressed confidence in Adcendo's potential to lead the next era of ADC drug development, highlighting the innovative approaches needed to address hard-to-treat cancers. According to Chester, the new financing will enable Adcendo to rapidly advance its differentiated ADC candidates, which could significantly alter treatment paradigms in various cancers and provide better therapies for patients in need.

The financing will support the advancement of multiple first-in-class ADC programs into clinical development and through clinical proof of concept. Adcendo's ADC pipeline includes notable programs such as ADCE-T02 (Tissue Factor ADC), ADCE-D01 (uPARAP ADC), ADCE-B05, and A0401.

As part of the financing, the Adcendo Board of Directors will experience some changes. The new board members include John Haurum as Chairman, Cariad Chester of TCGX, Nandita Shangari from RA Capital, Jeroen Bakker of Novo Holdings, Carolyn Ng from TPG Life Sciences Innovations, Ohad Hammer of Pontifax Venture Capital, Iyona Rajkomar from DawnBio (a KKR-controlled platform), and Michael Pehl, the CEO of Adcendo. Additionally, Roy Amariglio from Orbimed Advisors will join as a board observer.

Adcendo is committed to addressing the significant unmet medical needs in cancer treatment through its innovative ADCs. The successful Series B financing round marks a significant milestone in the company's journey to develop breakthrough therapies that can make a meaningful difference in the lives of cancer patients.