Adcendo secures $135M Series B as it enters clinical stage

Danish biotech company Adcendo has secured a $135 million Series B financing, led by TCGX. This round of funding places Adcendo among the 88 biotech startups that have managed to raise a nine-figure sum in 2024, with 11 of these companies focusing on antibody-drug conjugates (ADCs).

Based in Copenhagen, Adcendo is advancing novel types of ADCs, with plans to soon commence clinical trials for its first asset. The company's second experimental medicine is expected to enter clinical trials in early 2025, according to CEO Michael Pehl. The biotech has collaborations with Multitude Therapeutics and Duality Biologics.

Adcendo is eyeing the public markets as a potential avenue for growth following the acquisition of early clinical data from its initial two ADCs. These ADCs include ADCE-T02, a Topo1-based tissue factor-targeting ADC licensed from Multitude, and ADCE-D01, a uPARAP targeting pan-sarcoma ADC. Pehl expressed confidence that a US IPO, backed by strong clinical results from these two assets, would be an attractive strategy for the company. Pehl, who previously led Immunomedics for a brief period before Gilead acquired it in a $21 billion deal, brings a wealth of experience to Adcendo.

The Series B funding is expected to support the development of these two ADCs through to clinical proof of concept. Additionally, it will finance a dose-escalation study for another asset, ADCE-B05, and support the filing of an Investigational New Drug (IND) application for a fourth asset, A0401.

Adcendo's research is particularly focused on uPARAP, a collagen receptor that is overexpressed in various cancers including soft-tissue sarcoma, osteosarcoma, mesothelioma, and glioblastoma multiforme. The company regards this receptor as a highly efficient entry point for ADCs targeting cells that express it.

Founded in 2017 as a spinout from the Finsen Laboratory of Rigshospitalet and the University of Copenhagen, Adcendo has grown to employ 40 people. It previously secured a $62 million Series A financing in April 2021 and has augmented this amount several times, including an additional €16 million in May.

Alongside TCGX, the new investors in this round include TPG Life Sciences Innovations, OrbiMed, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital. All existing investors, such as RA Capital Management and Novo Holdings, also participated in the Series B financing.

Adcendo's focused approach on ADCs and its strategic collaborations and financial backing position it well to make significant advances in cancer treatment. The company's progress in the clinical development of its assets will be closely watched by the biotech community.