Adcendo Raises € 51 Million in Series A Funding to Advance New Antibody-Drug Conjugates for Cancer Treatment

Copenhagen, Denmark, April 29, 2021 / PRNewswire / – Adcendo, a biotechnology company developing antibody-drug conjugates (ADCs) for the treatment of cancers, today announced the successful closing of a 51 million euros ($ 62 million) Series A financing. The investment was led by Novo Seeds, the start-up and start-up investment team of Novo Holdings, and Ysios Capital, as well as RA Capital Management, HealthCap and Gilde Healthcare. The company was initially incubated and funded at the BioInnovation Institute (BII).

The new funding, which is the largest Series A funding for a Danish biotech company, will be used to establish a pipeline of ADCs focused on novel cancer targets and to drive the main program targeting the new cancer target uPARAP / Endo180 to a proof of concept in patients.

Commenting on the funding, Henrik Stadium, CEO of Adcendo, said: “In recent years, the ADC modality has delivered promising approvals of new drugs as well as important commercial transactions. We are delighted to have secured this major funding from leading investors and look forward to realizing our vision of bringing innovative new products to fruition. treatments for cancer patients. “

John Haurum, Chairman of the Board of Adcendo, added: “Thanks to this funding, we will be able to bring our first program – the uPARAP program – to validation of principle in patients, reflecting the fundamental research carried out on the benches of the Finsen laboratory, incubated as part of the Maison de Création program of the BII, towards new, real treatments. “

uPARAP is a unique new cancer target overexpressed on the cell surface of several cancers. Being a collagen scavenger receptor that possesses constitutively active and highly efficient internalizing and recycling properties, it has been shown to play a role in tumor invasion. The expression and biological mechanisms of uPARAP make it ideal for an ADC approach because it can be used as a cancer-associated “drug internalizing pump” to deliver conjugated drugs directly into cancer cells.

The uPARAP collagen scavenger receptor has been shown to be overexpressed by cancer cells in several indications with high unmet need, including soft tissue sarcoma, polymorphic glioblastoma, triple negative breast cancers, leukemia and osteosarcoma, as well as by stromal cells in several high prevalence cancers. with a high content of stromal tissue, such as prostate, breast and pancreatic cancer.

In addition to the uPARAP program, Adcendo will build a pipeline of additional new cancer targets perfectly suited to ADC approaches.

Jeroen bakker, Director of Novo Seeds, commented: “Novo Seeds is focused on building world-class companies that develop innovative treatments for patients with unmet medical needs. We are proud to have been involved with the business since its inception and are very impressed with progress to date We are very pleased to now co-lead this significant investment, building on the founders’ preliminary research at the Finsen Lab to develop Adcendo into a global leader in ADCs with a pipeline of exciting new ADC drugs. “

Joël Jean-Mairet, Managing Partner at Ysios Capital, added: Adcendo takes the ADC approach to the next level by focusing on targets who are professional internalisers and who have exquisite tumor selectivity. We are very happy to support this funding.

Adcendo’s advice includes: John Haurum, Chair; Jeroen bakker, Novo Seeds; Joël Jean-Mairet, Ysios Capital; Sanne de Jongh, Gilde Healthcare; Reza Halse, RA Capital Management; Mårten Steen, HealthCap and Lars engelholm of Adcendo.

About Adcendo ApS

Adcendo ApS, a spin-out of University of copenhagen and Rigshospitalet, which was previously part of the Creation House program of the BioInnovation Institute, is developing new antibody-drug conjugates (ADCs) for the treatment of cancers. It was founded in 2017 by scientists Niels behrendt, Lars Henning Engelholm and Christoffer Nielsen of the Finsen Laboratory in Rigshospitalet and University of copenhagen, and Henrik Stadium, a biotechnology entrepreneur active in several biotechnology companies, and previously CEO / CFO of Santaris Pharma, acquired by Roche in 2014.

In 2018, Adcendo received a pre-seed grant from the Novo Nordisk Foundation, owner of Novo Holdings, to help the company develop the commercial potential of its research discoveries.

The scientific council includes John Lambert PhD, the former CSO of ImmunoGen, Vincent de Groot PhD, founder of the company ADC Syntarga, and Murray Yule MD, PhD, Oncologist experienced in translational oncology, including ADCs.

About Antibody-Drug Conjugates (ADCs)

ADCs are a class of very potent biopharmaceutical drugs composed of an antibody bound, via a chemical linker, to a biologically active drug or to a cytotoxic compound. ADCs combine the unique and highly sensitive targeting capabilities of antibodies, with the potent effects of conjugated cytotoxic drugs, allowing sensitive discrimination between healthy and cancerous tissue.

About the uPARAP target

uPARAP is a cell surface receptor involved in the degradation of collagen and has been cloned and characterized by scientific founders. The receptor has a restricted expression profile in healthy individuals, but it is strongly upregulated on tumor cells from several forms of cancer, including soft tissue sarcoma, osteosarcoma, polymorphic glioblastoma (GBM) , triple negative breast cancer and some leukemia. In addition, uPARAP is upregulated in the stromal cell compartment of several more important tumor indications, including breast, colon and prostate cancers. uPARAP is an endocytic recycling receptor, which mechanically provides an extraordinarily efficient entry point into cells expressing uPARAP. Thus, the target can be used as a cancer-associated “drug internalizing pump” to deliver drug to cancers. Adcendo is the first to demonstrate targeted drug delivery via uPARAP.

About Novo Holdings A / S

Novo Holdings is recognized as a leading life sciences investor focused on long-term value creation. As an investor in the life sciences field, Novo Holdings provides seed and venture capital to early stage companies and takes significant stakes in growing and established companies. Novo Holdings also manages a large portfolio of diversified financial assets. For more information: https://www.novoholdings.dk/

About Ysios Capital

Ysios Capital, a leading Spanish venture capital firm, provides private equity financing to early stage and mid-stage life science companies that develop disruptive therapeutics and platform technologies. Founded in 2008, Ysios Capital manages more than 420 M USD through three funds dedicated to life sciences and is led by a team of professionals experienced in the creation of biotechnology companies. For more information, please visit: www.ysioscapital.com. Twitter @YsiosCapital

About BioInnovation Institute

The BioInnovation Institute (BII) foundation is an international non-profit foundation supported by the Novo Nordisk Foundation. BII operates an incubator to accelerate world-class life science innovation that drives the development of new solutions by young life science start-ups for the benefit of people and society. BII, located at Copenhagen, Denmark, offers start-ups and start-up projects within health technologies, therapeutics and bio-industry cutting-edge laboratories, dynamic offices, business development, incubation of start-ups , access to high-level mentorship and international networks plus unique funding opportunities. Since the inauguration of BII in November 2018, BII awarded 48 million euros to 85 high-growth start-ups. Learn more at www.bioinnovationinstitute.com

About RA Capital Management

RA Capital Management is a multi-stage investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that develop drugs, medical devices and diagnostics. The flexibility of its strategy allows RA Capital to provide seed funding to startups and to conduct private, IPO and follow-up financing for the companies in its portfolio, allowing management teams to stimulate the value creation of the company. creation to marketing. https://www.racap.com/

About HealthCap

HealthCap is one of the largest specialist life science venture capitalists in Europe. Since its inception in 1996, HealthCap has supported and built over 100 businesses. HealthCap’s investment strategy focuses on diseases with high unmet medical needs and breakthrough therapies that have the potential to transform and improve the lives of patients with these conditions. Please see: www.healthcap.eu and on Twitter: @HealthCapVC

About Gilde Healthcare

Gilde Healthcare is an investor specializing in health with $ 1.8 billion under management through two fund strategies: Venture & Growth and Private Equity. The company operates from offices in Utrecht (The Netherlands), Frankfurt (Germany) and Cambridge (United States). Gilde Healthcare’s Venture & Growth fund invests in innovative companies active in (Bio) Pharmacy, HealthTech and MedTech. Venture & Growth fund portfolio is balanced with fast growing life science companies Europe and North America. For more information, please visit www.gildehealthcare.com.

SOURCE Adcendo


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