Adagene Secures $69 Million Series D Financing Led by General Atlantic to Advance Immuno-Oncology Pipeline and Proprietary Antibody Technologies

On January 8, 2020, Adagene announced the completion of a $69 million Series D financing round, led by General Atlantic with a $50 million investment. The proceeds will be used to advance the development of its immuno-oncology clinical programs and to further expand its innovative technology platforms. Since 2014, Adagene has raised over $150 million from global capital markets.

“With the support of the capital market, Adagene has established an antibody R&D platform with independent intellectual property rights, deeply laying out the development of tumor immunotherapy and targeted therapy drugs.” Peizhi Luo, Co-founder and CEO of Adagene, stated, “The new funding will support the advancement of our key clinical projects ADG106 and ADG116, while also expanding the research and development of cutting-edge technologies, thereby broadening the company’s clinical R&D pipeline and further promoting sustainable corporate development.”

“We believe that China is steadily rising to become a vibrant global hub for life sciences innovation. Adagene represents a new generation of biotechnology companies committed to global innovation. Leveraging its advanced Dynamic Precision Library and its exceptional founding and management team, the company is translating innovative discoveries into clinical applications, ultimately benefiting patients worldwide,” said Sun Lefei, Managing Director of General Atlantic in China and Head of Healthcare. “We are continuously increasing our investments in China’s life sciences sector, and we are honored to partner with Adagene.”

David Hodgson, Vice Chairman of General Atlantic, stated, “Adagene has demonstrated to us that the most exciting developments in global life sciences are taking place in China. We look forward to working closely with Dr. Luo and the entire Adagene team to support the company in realizing its vision of delivering innovative therapies to patients worldwide.”

ADG106 is an agonistic, fully human IgG4 monoclonal antibody independently developed by Adagene. It binds to a unique conserved epitope on CD137 and exhibits cross-reactivity across humans, monkeys, and mice. ADG106 features a novel mechanism of action that not only activates CD137 in a natural, ligand-like manner but also blocks CD137 ligand-mediated negative feedback signaling, while demonstrating significant specific cross-linking activity. In Phase I clinical trials conducted in the United States and China among patients with advanced or metastatic solid tumors and hematologic malignancies, ADG106 has demonstrated an excellent safety profile, with no dose-related hepatotoxicity observed to date. Early signs of efficacy and biomarker responses indicative of T-cell proliferation have also been observed.

ADG116 is an antagonist, fully human monoclonal IgG1 antibody independently developed by Adagene. It binds to a unique conserved epitope on CTLA-4 and exhibits cross-reactivity in humans, monkeys, and mice. ADG116 features a novel mechanism of action, including dynamic modulation of CTLA-4 through flexible ligand blocking and efficient depletion of regulatory T cells. In preclinical studies, ADG116 has demonstrated excellent safety profiles and efficacy. The U.S. Food and Drug Administration has approved Adagene’s Investigational New Drug (IND) application for ADG116.

Adagene is a clinical-stage biopharmaceutical company dedicated to its mission of “making antibodies accessible to all.” The company is committed to building a proprietary “Dynamic Precision Antibody Library,” along with its next-generation antibody precision masking technology, SAFEbody®, and its unique portfolio of original antibody products. Adagene has strategically focused on the fields of oncology immunotherapy and targeted therapy. Driven by innovations in targets and antibody technologies, and grounded in robust translational medicine data, the company strives to achieve breakthroughs in the clinical efficacy and safety of its products. Adagene has completed four rounds of financing, raising a cumulative total of over USD 150 million. Its investors include F-Prime Capital (formerly Fidelity Boston Biotech Fund), F2 Capital (formerly Fidelity Growth Partners), WuXi AppTec Venture Capital, GP Health Fund, New World Information Technology, Sequoia China, Greater Bay Area Homeland Investment Co., Ltd. and its funds, CCB Medical Growth Fund, and General Atlantic, among others.

General Atlantic is a leading global growth equity firm dedicated to providing capital and strategic support to high-growth companies. Founded in 1980, the firm combines a collaborative global approach, sector-specific expertise, a long-term investment horizon, and a deep understanding of the drivers of growth, partnering with world-class entrepreneurs and management teams to build exceptional businesses worldwide. General Atlantic has more than 150 investment professionals based in New York, Amsterdam, Beijing, Greenwich, Hong Kong, Jakarta, London, Mexico City, Mumbai, Munich, Palo Alto, São Paulo, Shanghai, and Singapore.