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ADC Therapeutics Secures USD 80m Financing; Will Use to Progress Antibody Drug Conjugate Therapeutics Pipeline
2 September 2015 - - Swiss oncology drug discovery and development company ADC Therapeutics has raised USD 80m through a private placement of equity, the company said on Wednesday. New investors include European and US-based investors alongside founding investor Auven Therapeutics and participation from AstraZeneca. The proceeds will be used to progress ADCT's product portfolio, including ADCT-301 for lymphoma and leukemia now in Phase I and a collaboration to develop up to two ADCs for commercialisation with MedImmune, the global biologics research and development arm of AstraZeneca. ADCT's ADCs are highly targeted drug constructs which combine monoclonal antibodies specific to surface antigens on particular tumor cells with highly potent pyrrolobenzodiazepine -based warheads. ADCT anticipates having seven drug candidates in human clinical trials in 2017. The company was established in 2012 by private equity firm Auven Therapeutics. In 2013, AstraZeneca/MedImmune acquired an equity stake in the company and entered into a collaboration for two ADC programs. ADCT has built and will be expanding its highly experienced R/D team in the UK, as well as legal, finance and EU clinical teams in Switzerland, and regulatory, clinical and manufacturing teams in the US. ADCT works closely with a number of specialist partners in Europe and the US for regulatory, clinical trial management and manufacturing activities. It is located in Lausanne, Switzerland, and utilizes laboratory facilities at Queen Mary Bioenterprises Innovation Centre, London, UK. ADCT has manufacturing and clinical studies managed from its US offices in San Francisco and New Jersey.
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