Adcendo has secured an oversubscribed $135-million series B financing as the Copenhagen-based startup advances two new antibody-drug conjugate (ADC) candidates into clinical testing against hard-to-treat cancers in late 2024 and early 2025. Cariad Chester, managing partner at TCGX, which led the round, said Adcendo's programmes have "the potential to significantly change the treatment paradigm in multiple cancers."The financing will help support development of Adcendo's tissue factor-targeting ADC, dubbed ADCE-T02, which was acquired through a deal with Multitude Therapeutics worth up to $1 billion in biobucks.Tissue factor is highly expressed in indications such as non-small-cell lung, colorectal, cervical, oesophageal, head-and-neck, bladder and certain gastrointestinal cancers, but its expression is limited in normal tissues. ADCE-T02 features a topoisomerase I inhibitor-based linker/payload, with Adcendo suggesting that its design minimises the impact on the coagulation pathway. It is slated to enter the clinic this quarter.The funds will also go toward advancing ADCE-D01, which is directed against uPARAP, the first potential pan-sarcoma ADC target. It is strongly overexpressed in mesenchymal tumours such as soft-tissue sarcoma, bone sarcoma and gastrointestinal stromal tumours."The excitement in the ADC space paired with our team's experience and passion for the underlying science motivates us to continue pushing our programs forward into the clinic," said CEO Michael Pehl. The company is also developing ADCE-B05 in multiple squamous cancers and where an IND submission is due the second half of next year, as well as A0401 in epithelial cancers.The series B included participation from new investors TPG Life Sciences Innovations, Orbimed Advisors, Venrock Healthcare Capital Partners, Surveyor Capital, and Logos Capital, as well as all existing investors, including RA Capital Management, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare and Ysios Capital.The round builds on Adcendo's previous funding, including an initial €51-million series A in 2021 and subsequent additions bringing that round to €98 million.