The financing will also support the company’s expansion, including further recruitment and increased laboratory and office space
Adaptate Biotherapeutics has announced existing investors, Abingworth and Takeda Pharmaceutical Company Limited (Takeda) have made a further equity investment of $18 m. This funding brings the total raised since Adaptate’s inception in late 2019 to $34 m.
The investment is reportedly a result of rapid progress made by the company over the past 18 months. The funds will be used to accelerate the progression of its lead therapeutic antibody programme towards the clinic and to expand its internal product pipeline. The company’s portfolio includes both monoclonal and bispecific antibodies which target gamma delta T cells, a class of lymphocytes which bridge innate and adaptive immunity. The company’s most advanced programmes are focused on treatments for cancer patients with solid tumours. Adaptate’s antibodies selectively target gamma delta T cells.
The financing will also support the company’s expansion, including further recruitment and increased laboratory and office space. Additional capacity will play a key role in further boosting research and development activities, the company says.
Dr Natalie Mount, CEO of Adaptate Biotherapeutics, said: “The funding is a great vote of confidence from our existing investors and testimony to the hard work and rapid progress we have made in the novel field of gamma delta T cell targeting antibodies. We are excited to continue this growth path and to progress our unique therapeutic antibodies towards clinical trials where we look forward to them making an impact on the treatments available to cancer patients.”
Tim Haines, Chairman & Managing Partner, Abingworth, commented: “We have been impressed with the potential of Adaptate’s therapeutic antibody technology and the significant progress to date. We are delighted to invest further, to enable the team to accelerate its very promising portfolio towards the clinic.”
Loic Vincent, Head, Oncology Drug Discovery Unit, Takeda, said: “Takeda’s ongoing investment in Adaptate aligns closely with our pursuit of potentially life-changing treatments for cancer patients through novel immuno-oncology approaches. We look forward to continuing to work together on the potential of gamma delta T cell targeted therapies to achieve this goal.”