Adcentrx Therapeutics Announces Completion of $50m Series A Financing Led By CBC Group To Accelerate Next-Generation Conjugate Drugs Research & Development
Apr 28, 2021, 19:30 ET
SHANGHAI and SAN DIEGO, Calif., April 28, 2021 /PRNewswire/ -- Adcentrx Therapeutics ("Adcentrx"), a biotechnology company focused on accelerating breakthroughs in antibody drug conjugate ("ADC") therapeutic development, announced the closing of $50m Series A financing to power the development of next generation ADC for improving patient treatment options. This round of financing was led by CBC Group ("CBC"). Zoo Capital, Boyu Capital's venture arm, also joined this round.
Adcentrx was founded by a veteran ADC team with extensive experience in ADC conjugation, target biology and CMC. The founder, Dr. Hui Li, was the CEO of Levena Biopharma, the ADC subsidiary of Sorrento Therapeutics. Dr. Pia Challita-Eid, head of research at Adcentrx, has led teams at Agensys, responsible for novel target and drug discovery. She has contributed to the progression of a dozen ADCs into the clinic, including recently FDA approved PADCEV® (Anti-Nectin-4). Dr. Alexander Chu-Kung, head of development at Adcentrx, was a principal engineer at AbbVie, overseeing process development to commercialization ready manufacturing of ADC drugs and other biological therapies. He has led development teams preparing multiple ADC projects for commercialization.
"We are pleased with the progress we have made to date on our proprietary conjugation platform and we are looking forward to moving a set of innovative new drugs into development," said Dr. Hui Li, CEO and founder of Adcentrx. "With this round of financing, we have the ability to progress multiple discovery and development programs. CBC has shown unwavering support in our endeavor and mission of bringing innovative and effective treatments to underserved patient populations."
"We're thrilled to work alongside industry veterans with an impressive track record of efficiently developing drugs in the ADC space," said Ms. Meng Jiang, Managing Director of CBC. "Beyond the innovative pipeline already assembled, we see additional promise in creation of their proprietary conjugation platform and how it can accelerate development of more ADC programs that offers clear efficacy and safety differentiation."
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.
For more information, please visit http://Adcentrx.com.
About CBC Group
CBC Group (formerly C-Bridge Capital) is one of the largest and most active healthcare-dedicated investment firms in Asia focused on platform-building and buyout opportunities across three core areas within the healthcare sector: pharmaceutical & biotech, medtech and healthcare services. CBC's operationally intensive approach empowers healthcare sector champions to make transformative changes to enable sustainable long-term growth, fulfill unmet medical needs and continuously improve the standard of living and quality of care. Founded in 2014, CBC has a strong team of investment, healthcare and portfolio management professionals based across Singapore, Shanghai, Beijing, Hong Kong and New York. For more information, please visit www.cbridgecap.com.
About Zoo Capital
Zoo Capital ("ZooCap") is devoted to fueling innovation by focusing on early-stage investments in technology, healthcare and consumer companies. As the only early-stage fund of Boyu Capital, ZooCap seeks out game-changing entrepreneurs to help them succeed in their long-term development.
SOURCE CBC Group
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