ADCendo has secured a loan amount to advance its novel antibody-drug conjugates (ADCs) that are being developed to treat cancers.

The company secured the $1.48m convertible loan as part of the BioInnovation Institute (BII) Creation House programme.

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ADCendo is a spin-out from the Finsen Laboratory of Rigshospitalet and the University of Copenhagen.

The company aimed to develop ADCs as anti-cancer drugs, which target the receptor, uPARAP.

This approach is useful for targeted therapy in osteosarcoma, soft-tissue sarcoma triple-negative breast cancer and glioblastoma multiforme (GBM).

The company also expects that using this therapy along with uPARAP-positive stromal cells could potentially treat more common carcinomas such as colon, prostate, renal, breast, pancreatic and ovarian cancers.

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ADCendo CSO Niels Behrendt said: “Based on our early results obtained at the Finsen Laboratory, we were granted a pre-seed grant from Novo Holdings enabling us to make significant improvements to the overall performance of our early ADC candidates.

“Our results have been very well received by our international ADC network and with the expanded access to BII, as  well as the additional financial support, we are looking forward to furthering the development of our clinical candidate.”

ADCendo is also working on its clinical trial plans for the treatment of metastatic soft tissue sarcoma.

Additionally, the company is working on a drug to substitute the STS treatment drug Lartruvo, which was withdrawn earlier this year as it had failed in a confirmatory phase III study.