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Oncology drug discovery and development company, ADC Therapeutics, has closed its Series E financing expansion, in which it raised $103 million.
Oncology drug discovery and development company, ADC Therapeutics, has closed its Series E financing expansion, in which it raised $103 million, it was announced in a July 9, 2019 press statement.
The total funds raised in the Series E financing round, after the closure of the expansion, stands at $303 million, which includes a $25 million investment from a new institutional investor based in the United States. Other investment has been raised from existing investors.
With the raised funds, the company plans to complete enrolment in its Phase II trial of ADCT-402, which is being assessed in patients with refractorydiffuse large B-cell lymphoma (DLBCL). Additionally, the company plans to use the funds to start a Phase II trial of ADCT-301 in patients with relapsed or refractory Hodgkin’s lymphoma.
Chris Martin, chief executive officer of ADC Therapeutics, said, “We are delighted to welcome a new blue-chip institutional investor to our shareholder base. This financing provides us with a strong balance sheet to fund preparations for a potential biologics license application (BLA) for ADCT-402 (loncastuximab tesirine) in relapsed or refractory DLBCL in the second half of 2020, as well as for initiating in the coming months a pivotal Phase II trial of ADCT-301 (camidanlumab tesirine) in Hodgkin’s lymphoma based on our recent end of Phase I meeting with the US Food and Drug Administration.”
Source: ADC Therapeutics