Switzerland-based oncology drug discovery and development company ADC Therapeutics (ADCT) has closed $200m private financing to fund registrational trials of its two lead cancer programs.
Both existing and new investors, including Auven Therapeutics, Redmile, the Wild Family Office and AstraZeneca oversubscribed and supported the financing.
ADCT develops antibody drug conjugates (ADCs) that target major cancers by incorporating highly potent pyrrolobenzodiazepine (PBD)-based warheads. Its clinical and preclinical programs target major forms of hematological malignancies and solid tumours.
The new funding will be used for the planned registrational trials of ADCT-301 and ADCT-402 in 2018. Currently, the two candidates are going through four clinical trials across major sub-types of lymphoma and leukemia.
ADCT also plans to take forward ADCT-301 into a combination study for solid tumors.
The new financing is also expected to enable the Swiss company to carry on with the development of the phase I trial of ADCT-502 in patients having advanced solid tumors with HER2 expression. It will also be used for the filing of INDs for ADCT-602 and ADCT-601, and to advance a pipeline of pre-clinical ADC programs.
ADCT CEO Chris Martin said: “With more than 250 patients dosed, and encouraging data to be presented at the upcoming congress of the American Society of Hematology, this financing is a key step in our strategy and will enable us to accelerate our lead programs and to continue to develop our pipeline.
“This transaction also reflects the potential value to patients of rapidly developing these active drugs as stand alone and combination therapies.”
A total of eight programs are expected by ADCT to reach the clinical development stage within 18 months. The company has four PBD-based ADCs in six phase Ia and Ib clinical studies that are currently being held in the US and in Europe.