Adcendo in a €51 million funding round backed by Ysios and Novo Seeds.
Adcendo, a Copenhagen, Denmark-based biotech company developing antibody-drug conjugates (ADCs) for the treatment of cancers, announced the closing of a €51 million ($62 million) Series A financing.
The money was raised from investors led by Novo Seeds, the early-stage investment and company creation team of Novo Holdings, and Ysios Capital, along with RA Capital Management, HealthCap and Gilde Healthcare.
Proceeds will be used to establish a pipeline of ADCs directed at novel cancer targets and to bring the lead program targeting the novel cancer target uPARAP/Endo180 to proof of concept in patients.
Adcendo, initially incubated and funded at the BioInnovation Institute (BII) in 2017 by CEO Henrik Stage, Niels Behrendt, Lars Henning Engelholm and Christoffer Nielsen, develops uPARAP, a unique novel cancer target overexpressed on the cell surface of several cancers. Being a collagen scavenger receptor that possesses constitutively active and highly efficient internalization and recycling properties, it has been demonstrated to play a role in tumor invasion. The expression and biological mechanisms of uPARAP makes it ideal for an ADC approach as it may be used as a cancer-associated "drug internalization pump" to bring conjugated drugs directly into the cancer cells.