COPENHAGEN, DENMARK: Biotech company Adcendo ApS has successfully completed a second Series A extension financing, securing a total of 98 million EUR.
The additional 16 million EUR funding was led by Dawn Biopharma, a platform controlled by KKR, with participation from existing investors including Novo Holdings, Ysios Capital, RA Capital Management, HealthCap, Gilde Healthcare, and Pontifax Venture Capital. As part of this investment, Iyona Rajkomar, Managing Partner at Dawn Biopharma, will join the Adcendo Board of Directors.
Adcendo specializes in the development of antibody-drug conjugates (ADCs) for treating cancers with high unmet medical needs. The company plans to strengthen its first-in-class ADC pipeline assets and expand the development strategy for its lead program targeting uPARAP in soft tissue sarcoma and other mesenchymal cancers.
Additionally, the funding will support the development of further discovery-stage, first-in-class ADC pipeline assets beyond the Development Candidate Nomination stage.
Michael Pehl, Chief Executive Officer of Adcendo, emphasized the confidence that investors have in the company’s capabilities to create highly innovative ADC cancer therapies. He expressed excitement about welcoming Iyona Rajkomar to the Adcendo Board of Directors, citing her experience in supporting and advancing early and clinical-stage biotech companies.
Iyona Rajkomar, Board Director of Adcendo and Managing Partner at Dawn Biopharma, echoed the sentiment, stating that they are thrilled to join the investor syndicate during this pivotal time of growth and development. Adcendo’s progress and exceptional team have positioned the company for an exciting transition into clinical applications with its first-in-class assets in the ADC space.
Adcendo previously secured 51 million EUR in Series A financing in April 2021, led by Novo Holdings and Ysios Capital. In April 2023, the company announced a Series A extension of 31 million EUR, with Pontifax Venture Capital and existing investors playing a key role in supporting Adcendo’s groundbreaking work.
Fay raises $25 million in Series A round by Forerunner Ventures