Adcendo secures $135M for ADC pipeline before clinical trials

Adcendo, a startup based in Copenhagen, has successfully secured an oversubscribed $135-million series B financing round to further the development of its promising cancer treatment candidates. This substantial investment will enable Adcendo to advance two new antibody-drug conjugate (ADC) candidates into clinical trials by late 2024 and early 2025. The financing round was led by TCGX, with managing partner Cariad Chester emphasizing the transformative potential of Adcendo's programs in the treatment of various cancers.

The funding will primarily support the development of Adcendo's ADC targeting tissue factor, named ADCE-T02. This promising candidate was acquired through a significant deal with Multitude Therapeutics, valued at up to $1 billion. Tissue factor is notably overexpressed in cancers such as non-small-cell lung, colorectal, cervical, oesophageal, head-and-neck, bladder, and certain gastrointestinal cancers, while its expression in normal tissues remains limited. ADCE-T02 employs a topoisomerase I inhibitor-based linker/payload designed to minimize effects on the coagulation pathway, with its entry into clinical trials expected this quarter.

Additionally, the financing will advance ADCE-D01, Adcendo's ADC targeting uPARAP, which represents a potential pan-sarcoma target. This target is highly overexpressed in mesenchymal tumors, including soft-tissue sarcoma, bone sarcoma, and gastrointestinal stromal tumors. CEO Michael Pehl expressed enthusiasm about the company's progress, highlighting the excitement in the ADC field and the team's commitment to driving their programs into clinical development.

Other projects in Adcendo's pipeline include ADCE-B05, aimed at multiple squamous cancers, with an investigational new drug (IND) submission expected in the latter half of next year, and A0401, focusing on epithelial cancers.

The series B financing saw participation from several new investors, including TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital. Existing investors, such as RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, HealthCap, Gilde Healthcare, and Ysios Capital, also contributed to the round.

This funding builds on Adcendo's previous financial milestones, including an initial €51-million series A round in 2021, which was later increased to €98 million. The newly secured funds will bolster Adcendo's efforts to bring innovative cancer treatments to patients and potentially revolutionize the treatment paradigm for multiple cancer types.