Adcendo, a Denmark-based biotech company focused on the development of first-and best-in-class antibody-drug conjugates (ADCs) for the treatment of cancers with high unmet medical need, has closed an oversubscribed US$75m Series C financing round led by Jeito Capital, with participation from additional new investors Vida Ventures, BPI France, and EIFO (Export and Investment Fund of Denmark), as well as all existing investors, including TCGX, RA Capital Management, TPG, Orbimed, Venrock, Surveyor, Logos Capital, Novo Holdings, Pontifax Venture Capital, Dawn Biopharma, a platform controlled by KKR, HealthCap, Gilde Healthcare and Ysios Capital.
“This successful financing round . . . empowers us to continue advancing our pipeline of breakthrough ADCs for the treatment of underserved cancers,” said Michael Pehl, CEO of Adcendo.
Proceeds from the fundraise will be used to support Adcendo through multiple upcoming key clinical milestones.
As part of the financing, Adcendo will add Ksenija Pavletic (Jeito Capital) and Rajul Jain (Vida Ventures) to its board of directors.
“Adcendo stands out in the ADC field as having a noteworthy combination of bold innovation and strong clinical development strategy and execution,” said Pavletic. “We are excited to see the company’s progress toward their mission of delivering next-generation cancer therapies to patients who need them most.”
Press release: Adcendo ApS Completes $75 Million Series C Financing to Continue Advancing First- and Best-in-class Clinical ADC Pipeline | Adcendo
