Funding will be used to ensure broader pansarcoma development of lead candidate uPARAP
Adcendo, a company dedicated to developing breakthrough antibody-drug conjugates (ADCs) to treat cancers with high unmet medical need, announces successful completion of significant funding clarified.
Following a €51 million series round two years ago, the Series A extended funding raised an additional €31 million. The funding will secure broad pansarcoma development of uPARAP, a lead ADC candidate, and will be used to further advance a second of his ADC assets.
The funding was led by Pontifax Venture Capital, a healthcare-focused venture capital firm, along with existing investors Ysios Capital and Novo Holdings. Meanwhile, other investors such as HealthCap, RA Capital Management and Gilde Healthcare also joined as the initiative generated vital capital.
Under the terms of the deal, Pontifax Venture Capital partner Ohad Hammer will join Adcendo’s board of directors.
uPARAP is a novel cancer target overexpressed on the cell surface of sarcoma and other mesenchymal cancers. The expression profile and internalization properties of uPARAP make it an attractive ADC target. Indeed, uPARAP has demonstrated potential efficacy across multiple sarcoma subtypes.
Michael Pehl, Chief Executive Officer of Adcendo, said: This funding secures a broad development program for our flagship asset uPARAP and allows us to further advance our second first-in-class ADC pipeline asset. “
Ohad Hammer, Director of Adcendo and Partner at Pontifax Venture Capital, concludes:
“Adcendo’s ADC capabilities have great potential and we look forward to working closely with the team to develop the pipeline assets and bring innovative therapies to patients in need.”