TLDR:
- Adcendo, a biotech company focusing on antibody-drug conjugates, raises a total of €98m in second Series A extension financing.
- The funding will be used to develop pipeline assets and expand the development strategy for lead programs.
Article Summary:
Adcendo, a biotech company specializing in the development of breakthrough antibody-drug conjugates (ADCs), has completed a second Series A extension financing, raising a total of €98m (US$106m). The additional €16m funding was led by Dawn Biopharma, a platform controlled by KKR, with participation from existing investors Novo Holdings, Ysios Capital, RA Capital Management, HealthCap, Gilde Healthcare, and Pontifax Venture Capital. This investment will further bolster the development of Adcendo’s first-in-class ADC pipeline assets and expand the development strategy for its lead uPARAP program in soft tissue sarcoma and other mesenchymal cancers. As part of the investment, Iyona Rajkomar, managing partner at Dawn Biopharma, will join the Adcendo board. The funding will also be utilized to develop further discovery-stage pipeline assets to Development Candidate Nomination and beyond.
Adcendo had previously raised €51m in Series A financing in April 2021, led by Novo Holdings and Ysios Capital, with participation from RA Capital Management, HealthCap, and Gilde Healthcare. In April 2023, Adcendo announced a Series A extension led by Pontifax Venture Capital and existing investors. This recent financing round will allow Adcendo to continue its innovation and development of cutting-edge ADCs, positioning the company for further growth and success in the biotech industry.
