Biotechnology company Adcentrx Therapeutics has raised $38m in Series A+ financing to advance its pipeline of new antibody-drug conjugate (ADC) therapeutics into clinical development.

Lighthouse Capital and Life Venture Partners served as financial advisors to the company.

Led by Eight Roads Ventures, the financing round saw participation from strategic investors, including the Trinity Innovation Fund, ABio-X, Delta Capital and F-Prime Capital.

Adcentrx Therapeutics is focused on developing protein conjugate therapeutics to treat cancer and other life-threatening diseases.

It works to develop advanced targeted therapeutics to improve patient treatment options by combining the targeting precision of biologics and the small molecule payloads’ disease-fighting power.

ADRX-070 is the company’s lead candidate and is anticipated to enter a first-in-human Phase I clinical trial in the second half of 2023.

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The company is developing other candidates and intends to advance at least one into clinical development each year.

Adcentrx Therapeutics founder and CEO Hui Li said: “Over the last two years, we have made significant progress advancing our emerging therapeutic pipeline that implements our proprietary and differentiated technology platform.

“This new round of funding from our investors will enable Adcentrx to quickly advance our safer and more efficacious conjugate therapies for patients in need.

“This year will be pivotal for Adcentrx, when we transition from the discovery stage into a clinical-stage company.”