Funds will be used to ensure the wider pan-sarcoma development of lead candidate uPARAP
Adcendo – a company that concentrates on the development of breakthrough antibody-drug conjugates (ADCs) for treating cancers with high unmet medical needs – has revealed that it has successfully completed vital funding.
The series A extension financing raised a further €31m, following the €51m series round two years ago. Funds will be used to ensure the broad pan-sarcoma development of lead ADC candidate uPARAP and further progress a second ADC asset.
The funding drive was led by Pontifax Venture Capital – a healthcare-focused venture capital firm – along with existing investors Ysios Capital and Novo Holdings. Meanwhile, other investors such as HealthCap, RA Capital Management and Gilde Healthcare also participated as the initiative yielded essential capital.
Under the terms of the agreement, Ohad Hammer, a partner at Pontifax Venture Capital, will join the Adcendo board of directors.
uPARAP is a novel cancer target overexpressed on the cell surface of sarcoma and other mesenchymal cancers. The expression profile and internalising properties of uPARAP make it an attractive ADC target. Indeed, uPARAP has shown a potential to be effective across multiple sarcoma subtypes.
Michael Pehl, chief executive officer at Adcendo, reflected: “This financing underscores the confidence that our investors have in Adcendo’s capabilities and potential to develop innovative ADC cancer therapies in high unmet medical need cancers. This financing will enable us to ensure a broad development programme of our lead asset uPARAP and further advance our second first-in-class ADC pipeline asset.”
Ohad Hammer, board director of Adcendo and partner at Pontifax Venture Capital, concluded: “We are excited to support Adcendo’s efforts to bring new treatments to patients with cancer as we continue our focus on seeking exciting transformative technologies to treat substantial unmet medical need indications.
“Adcendo’s ADC capabilities offer significant potential and I look forward to closely working with the team to develop their pipeline assets and bring innovative therapies to patients in need.”
