Switzerland-based oncology treatment developer ADC Therapeutics (ADCT) completed a $105m private placement yesterday featuring AstraZeneca.
The placement also included life sciences-focused private equity firm Auven Therapeutics, Wild Family Office and undisclosed new and existing investors.
Founded by Auven in 2012, ADCT is working on antibody drug conjugates that will form the basis for therapeutics that will fight major cancers. It has clinical and preclinical programs in place targeting haematological malignancies and solid tumours.
ADCT will use the financing to advance its clinical pipeline and enhance its commercial manufacturing capabilities. Its first two candidates, ADCT-301 and ADCT-402, are in clinical studies for sub-types of lymphoma and leukaemia.
The company expects its next two candidates, which are being developed to combat solid tumour cancers, to begin clinical development in late 2016 and early 2017 respectively.
Chris Martin, chief executive of ADCT, said: “This financing acknowledges the progress ADCT has made with its pipeline of clinical and preclinical programs in areas of high unmet medical need.
“We are now extremely well positioned to support our lead programs through multiple expansion studies based on the efficacy signals that are emerging from our initial clinical trials.
“We continue to rapidly grow our pipeline of proprietary antibody-drug conjugates in important haematological and solid tumour indications both on our own and in partnerships.”
The placement took ADC’s overall financing to $255m, the company said in a statement. It comes after AstraZeneca and Auven contributed to an $80m private placement in September 2015 alongside unnamed European and American investors.
MedImmune, a biotech subsidiary of AstraZeneca since 2007, invested $20m in ADC as part of a $40m round in 2013 that also featured Auven.