Adcendo, a biotech company focused on the development of breakthrough antibody-drug conjugates (ADCs) for the treatment of cancers with a high unmet medical need, has successfully completed a second Series A extension financing, raising a total of EUR €98m.
This additional €16m financing was led by Dawn Biopharma — a platform controlled by KKR — with participation from existing investors Novo Holdings, Ysios Capital, RA Capital Management, HealthCap, Gilde Healthcare and Pontifax Venture Capital. As part of the investment, Iyona Rajkomar, Managing Partner at Dawn Biopharma, will join the Adcendo Board of Directors.
Adcendo's strategy
The company plans to further bolster the development of its first-in-class ADC pipeline assets and expand the development strategy for its lead uPARAP program in soft tissue sarcoma and other mesenchymal cancers.
In addition, the funding will be used to develop further discovery-stage, first-in-class ADC pipeline assets to Development Candidate Nomination 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.”
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 led by Pontifax Venture Capital and existing investors.
