Switzerland-based oncology drug developer ADC Therapeutics yesterday received $76m in additional series E financing to bring the round, already backed by pharmaceutical firm AstraZeneca, to a $276m close.
The additional capital was supplied by unnamed existing and new investors. The first tranche was led by private equity firm Auven Therapeutics in late 2017 and, apart from AstraZeneca, also featured hedge fund Redmile, Wild Family Office and undisclosed additional backers.
ADC is working on antibody drug conjugates that target haematological cancers and solid tumours, and has multiple assets in the clinic. The capital will support preparations for a phase 2 trial of ADCT-301, a potential treatment for Hodgkin lymphoma that is being evaluated in a phase 1b trial.
The funding will also go toward preparations for a possible biologic license application – required for US interstate sales of a drug – for ADCT-402, a candidate being developed to treat relapsed or refractory diffuse large B-cell lymphoma, in the second half of 2020.
ADC expects to complete enrolment of a phase 2 trial for ADCT-402 in the third quarter of 2019. The asset is currently undergoing multiple phase 1b studies.
The company has now raised $531m in funding since being founded in 2011. AstraZeneca had previously contributed to a $105m round in 2016 together with Auven, Wild Family Office and unspecified other investors.
AstraZeneca and Auven had already taken part in an $80m private placement for ADC in 2015 alongside contributions from unnamed backers. MedImmune, a biotech subsidiary of AstraZeneca, had put up $20m for a $40m round in 2013 that also featured Auven.
