The biotechnology company secured £1.14 million to finance bioconjuation and US expansion
ADC Biotechnology (ADC Bio) has secured £1.14 million in funding from investment managers, Downing. The funds will bolster the company’s business drive for faster penetration of the main US market.
The investment will also assist the development of an advanced bioconjugation method – an entirely new ADC manufacturing approach set to transform the industry and a conceptual design for implementation of a fill-finish operation within the existing facility at Deeside.
Charlie Johnson, CEO of ADC Bio commented: “We are very pleased to have been selected by Downing LLP and BioScience Managers for this investment and we look forward to putting the capital to great use in two major elements of our overall strategy for continued growth.”
“The funding will in part help us to continue to lead further industry innovation, specifically, the investigation and validation of our upstream bioconjugation method – the benefits of which we then intend to bring to the market.”
“Moreover, the investment also provides us with more resources to implement the latest phase in our business development plan, namely, securing more contracts from the main US market in our drive to further expand our international client base and thereby to increase total revenues.”
The funding vehicle – Downing FOUR VCT Healthcare – was established through a partnership between BioScience Managers, the healthcare investment specialists and Downing to provide a new healthcare share class to Venture Capital Trust (VCT) investors.
ADC Bio announced last month that it is in the process of developing and internally validating its new upstream bioconjugation approach. The method, which leverages the company’s patented lock-release technology, would save several months of manufacturing time and up to 25% of overall manufacturing costs.
Richard Lewis, Director at Downing, said: “ADC Bio is an incredibly innovative CDMO, helping its clients to develop a new class of drugs to combat cancer. The healthcare industry is growing globally and it will continue to grow, funded by the increasing requirements of not just Western economies but those in China, India and Japan. A key driver of the market opportunity is the increasing demands on healthcare generally, and for cures for diseases previously without effective treatment.“