Shanghai and San Diego, California, April 25, 2023 – Adcentrx Therapeutics (“Adcentrx”), a biotechnology company focused on the development of breakthrough antibody-drug conjugates (ADCs), announced today that it has completed a $38 million Series A+ financing round. The round was led by FSD Capital, with participation from F-Prime, ABio-X under Kangqiao Capital Group, DT Capital Partners, Sany Innovation, and other strategic investors. Life Capital and Lighthouse Capital served as financial advisors for this financing round. The proceeds will be used to advance the company’s next-generation ADC drug pipeline into clinical development.

ADCs (Antibody-Drug Conjugates) are a novel class of therapeutics that combine the targeting specificity of antibodies with the cytotoxic potency of conventional chemotherapy agents. The emergence of ADCs has fundamentally transformed the landscape of oncology treatment and holds promise for positively impacting the management of other major diseases. Adcentrx stands out in the industry by leveraging its team’s extensive experience in ADC drug development and deep expertise in medicinal chemistry and biology. The company has independently developed and established an ADC R&D platform comprising multiple proprietary technologies, which specifically addresses key challenges encountered in the development of previous generations of ADCs. Building on this foundation, Adcentrx has established a diversified pipeline of differentiated ADC product candidates to address unmet clinical needs. The company’s lead candidate, ADRX-0706, is expected to initiate Phase I clinical trials in the second half of 2023. Meanwhile, the company is developing multiple pipeline products targeting various indications, ensuring that at least one new candidate enters clinical development each year.

Dr. Li Hui, Founder and CEO of Adcentrxstated, “We are delighted to have the support of STO Capital and other investors in this round, which will help us fulfill our mission of bringing innovative therapies to patients. Over the past two years, we have made significant progress in pipeline development by leveraging our proprietary innovative technology platform and differentiated development strategy. This financing round will accelerate Adcentrx’s development of safer and more effective antibody-drug conjugate (ADC) drugs, providing patients with more treatment options. This year will be a pivotal one for Adcentrx as it transitions from the R&D stage to the clinical stage.”

Dr. Huang Tao, Executive Director at Sidao Capital“ADC drugs, as a novel therapeutic modality, have experienced unprecedented and vigorous growth. In recent years, the field has seen active investment and frequent landmark strategic transactions. Adcentrx Therapeutics has demonstrated significant potential in developing differentiated ADC drugs to address unmet clinical needs. We are delighted to serve as the lead investor in this financing round, helping Adcentrx Therapeutics accelerate the development of its pipeline and bring new hope to patients.”

Jeff Jonas, President and CEO of ABio-Xstated: “As a global investment platform, ABio-X is committed to supporting the development of next-generation healthcare companies. Adcentrx’s exceptional performance in the ADC field aligns perfectly with our investment philosophy. We are delighted to participate in this financing round alongside other distinguished investors and look forward to continuing our support for Adcentrx through our platform and board representation.”

Jiang Mengjiao, Head of Minority Equity Investment at Qiao Capitalstated: “Since the initial investment, Adcentrx has made significant progress in pipeline development and achieved multiple major breakthroughs in platform technology. We are pleased to continue supporting the company’s growth alongside our colleagues at ABio-X.”

Hong Lei, Executive Director at Lighthouse Capital“As an innovative company with a global perspective, Adcentrx has effectively addressed bottlenecks in ADC drug development by leveraging its proprietary technology platform. The strong interest shown by numerous renowned venture capital and industry funds in this financing round further underscores the company’s leading position within the sector. We are honored to have supported Adcentrx in closing this round of financing and look forward to the early commercial launch of its products, which will benefit patients worldwide.”

Adcentrx Therapeutics is dedicated to developing antibody-drug conjugates (ADCs) for cancer and other serious diseases. By combining the precise targeting capability of antibody drugs with the potent cytotoxic efficacy of small-molecule payloads, Adcentrx is committed to advancing next-generation targeted therapies, thereby providing patients with more treatment options.

Fidelity Growth Partners is a global proprietary investment firm backed by Fidelity Investments. With over $11 billion in assets under management globally, its investment teams are located across China, India, Europe, Israel, Japan, and the United States. Leveraging 50 years of global investment experience, Fidelity Growth Partners has invested in more than 300 innovative companies in the healthcare and technology sectors. Its global portfolio includes Alibaba, Beam Therapeutics, Pony.ai, Innovent Biologics, Insilico Medicine, Hibob, Simpai Health Technology, Semma Therapeutics, and WuXi AppTec.

F-Prime Capital is a global venture capital firm focused on the healthcare and technology sectors. Over the 50 years since its founding, it has been dedicated to supporting visionary entrepreneurs in building highly innovative companies.

ABio-X was founded in 2021 by Qiao Capital, Asia’s largest healthcare asset management firm. ABio-X’s mission is to incubate innovative companies that deliver transformative drugs and solutions to the global market.

Data Capital was established in 2010 and is a leading private equity investment firm in China focusing on early-stage and growth-stage investments. Data Capital specializes in early-stage and growth-equity investments in the technology (semiconductors, artificial intelligence, biotechnology) and consumer services sectors. The firm boasts a professional investment team with strong technical backgrounds. Leveraging its expertise in early-stage and growth-equity investments and its focus on high-growth enterprises, Data Capital has become a significant player in China’s venture capital market.

Sany Innovation (Beijing) Investment Management Co., Ltd. (“Sany Innovation”) is a fund management company specializing in pharmaceutical innovation investment, with limited partners comprising leading pharmaceutical companies and renowned investment institutions. By leveraging capital ties to integrate resources, the company supports scientists in translating scientific achievements into practical applications, assists professional managers in establishing entrepreneurial platforms, and fosters the growth of innovative biopharmaceutical enterprises, thereby enabling science to serve health and benefit patients. As an investor primarily focused on early-stage projects, the company is committed to growing alongside its portfolio companies and entrepreneurs; it utilizes its industry expertise and resource network to help portfolio companies maximize the realization of their technological value.

Lighthouse Capital, founded in 2014, is a rapidly growing industrial investment bank with a global perspective, dedicated to serving enterprises worldwide. It is committed to facilitating industrial upgrading and development through capital services and ecosystem empowerment. Its current business scope covers private equity financing advisory, mergers and acquisitions, asset management, securities underwriting, and industrial development consulting. Since its inception, Lighthouse Capital has assisted over 200 companies in the new economy and industrial conglomerates in completing more than 330 private financing transactions, with a cumulative transaction value exceeding USD 35 billion. Additionally, it has helped more than 50 companies grow into unicorns in their respective fields.