Pheon Therapeutics bags $120m of Series B financing to develop its ADC pipeline

Published: 21-May-2024

The antibody-drug conjugate (ADC) pipeline consists of three programmes, all targeting an undisclosed novel target which is highly overexpressed in a variety of solid tumours

Pheon Therapeutics, an Antibody-Drug Conjugate (ADC) specialist developing next generation ADCs for a wide range of hard-to-treat cancers, has received USD $120m Series B financing to fund the development of its pipeline of differentiated ADCs.

The financing was led by TCGX with participation from other new investors BVF Partners, Lightspeed and Perceptive Advisors, alongside existing investors Atlas Venture, Brandon Capital, Forbion and Research Corporation Technologies.


ADC's for the treatment of solid tumours

The new financing will be used to further advance Pheon’s differentiated ADC pipeline through clinical proof of concept.

The first three assets are aimed at an undisclosed novel target which is highly overexpressed in a wide range of solid tumours. The first programme has demonstrated an unprecedented preclinical therapeutic index while utilising a DAR8 Topoisomerase-1 inhibitor linker-payload, whereas the next two ADCs utilise other linker-payload technologies to mine the broad potential of this target.

The company expects to start its first Phase I clinical trial in 2024 and rapidly advance towards dose expansion cohorts. The capital will also enable the expansion of Pheon’s suite of in-house technology platforms to generate optimised ADC constructs.

Cariad Chester, Managing Partner of TCGX, commented: “The recent clinical successes of optimized ADC constructs validate the promise of this therapeutic modality to treat solid tumours. Continued progress against cancer is predicated upon innovative approaches to new targets. Pheon has an exciting pipeline of first and best-in-class ADC programs and I look forward to working with the company as it enters into the next stage of growth and development.”

As part of the financing, Cariad Chester, Managing Partner of TCGX, will join the board of directors.

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