Adcendo to bolster ADC pipeline with $106m Series A funding

The extended Series A financing round led by Dawn Biopharma (a platform controlled by KKR, with participation from existing investors), raised an additional $17.3 million. Adcendo said the funding will be used to strengthen the advancement of its antibody-drug conjugate (ADC) pipeline assets, including its lead program, urokinase plasminogen activator receptor-associated protein (uPARAP).

The firm will conduct research work with the goal of broadening the indications for UPARAP beyond soft tissue sarcoma. While Adcendo did not disclose the specific manufacturing method for UPARAP, the company said it is using various contract development manufacturing organizations (CDMOs) to produce its monoclonal antibodies (mAbs), production of linkers, payloads, and ADCs.

“Adcendo’s vision is to become a leading ADC company in Europe by developing highly differentiated ADCs for patients with high unmet need cancers with a clear focus on novel cancer targets and first-in-class assets. The funding helps us to further work towards that vision through broadening the optionality of our existing pipeline. While we are about to achieve key program milestones for uPARAP and our second pipeline asset in 2024, we aim to further add novel ADCs to our asset portfolio,” Michael Pehl, CEO of Adcendo, told BioProcess Insider.

In April 2021, Adcendo raised $55.4 million Series A financing round led by Novo Holdings and Ysios Capital, with participation from RA Capital Management, HealthCap and Gilde Healthcare. In April 2023, the company bagged $33.7 million in a Series A extension led by Pontifax Venture Capital and existing investors.

“We are convinced that over the next years, ADCs have the potential to replace chemotherapy as standard of care in multiple indication, which means huge progress for cancer patients worldwide. Adcendo aims to be at the forefront of this therapeutic revolution by providing first-in class ADC options to patients where no suitable therapies exist at this moment of time,” Pehl said.