Adcendo, a Copenhagen-based biotech company specializing in antibody-drug conjugates (ADCs) for cancer treatment, has raised an additional €16 million in a second Series A extension. The funding round was led by Dawn Biopharma, a KKR platform, with participation from Novo Holdings, Ysios Capital, RA Capital Management, HealthCap, Gilde Healthcare, and Pontifax Venture Capital, bringing the total Series A financing to €98 million. The funds will be used to enhance Adcendo’s ADC pipeline and advance its lead asset targeting uPARAP for soft tissue sarcoma and other mesenchymal cancers. As part of the investment, Iyona Rajkomar, Managing Partner at Dawn Biopharma, will join the Adcendo Board of Directors.
Adcendo is dedicated to developing first-in-class ADCs that target specific cancer-related proteins, offering innovative therapeutic options for patients with high unmet medical needs. The funding will also support the development of additional discovery-stage ADC assets to the Development Candidate Nomination stage and beyond.
Michael Pehl, Chief Executive Officer of Adcendo, said: “This financing underscores the confidence that our investors have in Adcendo’s capabilities and potential to develop highly innovative ADC cancer therapies to provide treatment options for cancer patients with high unmet medical needs. We are extremely pleased to welcome Iyona to the Adcendo Board of Directors, as she brings a wealth of experience in supporting and advancing early and clinical stage biotech companies.”
Iyona Rajkomar, Board Director of Adcendo and Managing Partner at Dawn Biopharma, commented: “We are very excited to join the investor syndicate, supporting Adcendo at a pivotal time of growth and development. Our goal is to support companies committed to the development of highly innovative medicines and therapies. The progress made by Adcendo’s exceptional team has been impressive, and we are thrilled to join as the company makes the exciting transition into the clinic with its first-in-class assets in the ADC space.”
Adcendo raised €51M Series A financing in April 2021, led by Novo Holdings and Ysios Capital, with participation from RA Capital Management, HealthCap and Gilde Healthcare. In April 2023, Adcendo announced a Series A extension of 31M EUR led by Pontifax Venture Capital and existing investors.
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