Adcentrx Therapeutics aims for clinics after $38 million increase
Antibody-drug conjugate (ADC) biotechnology company Adcentrx Therapeutics has closed its $38 million Series A+ financing.
The round was led by Eight Roads Ventures, with participation from F-Prime Capital, ABio-X, Delta Capital, Trinity Innovation Fund and other strategic investors. Life Venture Partners and Lighthouse Capital are acting as Adcentrx’s financial advisors.
Adcentrx Therapeutics intends to use the proceeds from the funding to advance its pipeline of ADC therapies into the clinic.
ADC, which combines target antibody specificity with the drug potency of conventional chemotherapy, has revolutionized the treatment landscape in oncology with the potential to positively impact other serious diseases.
Adcentrx Therapeutics has pioneered the development of an ADC technology toolbox that addresses the key components of protein conjugate design to address challenges that emerged in previous generations of ADCs. Adcentrx implemented this approach to drive the development of a robust suite of first-class, best-in-class therapies.
The company’s lead candidate, ADRX-0706, is expected to enter its first human phase 1 clinical trial in the second half of 2023. Adcentrx is developing additional candidates in parallel with the goal of advancing at least one candidate to the clinic each year.
“We are excited to have Eight Roads and our investors support our mission to bring innovative treatments to patients,” said Hui Li, founder and CEO of Adcentrx.
“Over the last two years, we have made significant progress advancing our new line of therapies that implement our proprietary and differentiated technology platform. This new round of funding from our investors will enable Adcentrx to rapidly advance our safer and more efficacious conjugate therapies for patients in need. This year will be very important for Adcentrx, as we transition from a discovery stage to a clinical stage company.”