Adcentrx Announces Extension of Series A+ Financing to $51 Million

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Dec 05, 2023, 20:00 ET

Quan Capital and Partners Investment among new investors joining the Series A+ financing round led by Eight Roads
Additional $13 Million extends runway into 2025 and helps to accelerate development of portfolio programs

SAN DIEGO and SHANGHAI, Dec. 5, 2023 /PRNewswire/ -- Adcentrx Therapeutics ("Adcentrx"), a biotechnology company dedicated to revolutionizing Antibody-Drug Conjugate (ADC) therapeutics for cancer and other life-threatening diseases, today announced the extension of its Series A+ financing. The additional $13 million adds to the $38 million Series A+ round that was closed in April 2023. The Series A+ extension included participation from Quan Capital and Partners Investment.

"We are pleased to announce the extension of our Series A+ financing round," said Hui Li, Ph.D., Founder and CEO of Adcentrx. "With the backing of our new investors, we are better positioned to accelerate the clinical development of our lead program, ADRX-0706, and progression of additional pipeline programs towards the clinic. This allows us to continue our mission of creating differentiated therapeutics to address cancer and other life-threatening diseases."

Lighthouse Capital acted as Adcentrx's financial advisor. The additional proceeds will be used by Adcentrx to continue advancing its propriety ADC therapeutic pipeline in the clinic.

About ADRX-0706
ADRX-0706 is an ADC product candidate discovered by Adcentrx. The antibody component targets Nectin-4, a cell surface adhesion protein over-expressed in multiple human cancers and associated with poor disease prognosis. The ADC is produced using Adcentrx's proprietary i-Conjugation™ technology and novel tubulin inhibitor payload, AP052, to generate an ADC with a drug-antibody ratio of eight (DAR 8). ADRX-0706 has a favorable pharmacokinetic and safety profile in preclinical models, and has demonstrated significant efficacy across a variety of tumor indications. ADRX-0706 is currently being evaluated in a Phase 1a/b clinical trial. For more information about the trial, please refer to the Study ID NCT06036121 on ClinicalTrials.gov.

About Adcentrx Therapeutics
Adcentrx is a biotechnology company focused on accelerating breakthroughs in protein conjugate therapeutic development for cancer and other life-threatening diseases. By combining the targeting precision of biologics and the disease fighting power of small molecule payloads, Adcentrx strives to develop next-generation targeted therapies for improving patient treatment options. Adcentrx has pioneered the development of an ADC technology toolbox addressing key components of protein conjugate design to solve challenges typically seen in ADCs.
For more information about Adcentrx and its innovative ADC technologies, please visit https://adcentrx.com.

About Quan Capital
Quan Capital is a life sciences venture capital firm with strong China expertise and global capabilities. The firm discovers, incubates and grows next-generation life science companies in early and growth stage, worldwide. Quan's portfolio companies pioneer differentiated therapies and enabling technologies to address major human diseases with high unmet medical needs. Quan has offices in Shanghai and Palo Alto. The firm's investment professionals combine their strong expertise in both science and business with their diverse experiences in global drug development and healthcare investments, and they leverage their broad network worldwide to help maximize the company's value across geographies and development stages.
Visit www.quancapital.com to learn more.

About Partners Investment
Partners Investment is a Seoul-based venture capital firm founded in 2000 investing in breakthrough technologies in healthcare and therapeutics globally. With cumulative $1 billion in assets under management, the firm is currently managing more than 50 portfolio companies in the US, China, Europe and Korea. Partners Investment was built upon the belief that the demand for improved health will always be paramount and that investing in healthcare innovations will benefit patients with unmet medical needs.
For more information about Partners Investment, please visit www.partnersi.co.kr/eng/

Contact Information:
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SOURCE Adcentrx Therapeutics