Copenhagen-based biotech startup Adcendo ApS has collected an additional €31M in a Series A round led by Pontifax Venture Capital and existing investors Novo Holdings and Ysios Capital. RA Capital Management, HealthCap and Gilde Healthcare participated as well. The startup develops breakthrough antibody-drug conjugates (ADCs) for the treatment of underserved cancers. This capital injection, or influx of funds, will provide the company with a boost in funding and resources to accelerate the development of their ADC assets for the treatment of sarcoma cancer. With the additional capital, the company can advance the research and development of their lead ADC asset uPARAP, while also making progress on their second ADC pipeline asset. Ohad Hammer, 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 esenchymal cancers. The intriguing expression profile and internalizing properties of uPARAP make it a highly attractive ADC target. uPARAP ADC has shown potential to be effective across multiple sarcoma subtypes, an indication with a very high unmet medical need.
Adcendo intends to use the proceeds from the financing to initiate a broad clinical development program for uPARAP ADC in Sarcoma and is also planning to advance the development of its 2nd ADC pipeline asset with Development Candidate Nomination (DCN) planned in H1 2024.
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 innovative ADC cancer therapies in high unmet medical need cancers. We are pleased to welcome Ohad Hammer to the Adcendo Board of Directors, who brings a wealth of experience in supporting and advancing earlystage biotech companies. 2022 was a pivotal year for Adcendo with the expansion of our team, uPARAP ADC Development Candidate Nomination and the recent linker/payload license agreement with Duality Biologics. This financing will enable us to ensure a broad development program of our lead asset uPARAP and further advance our 2nd first-in-class ADC pipeline asset.”
Ohad Hammer, Board Director of Adcendo and Partner at Pontifax Venture Capital, commented, “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.”
