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New Ventures Portfolio Company, ADC Therapeutics, Completes $267 Million IPO

30/06/2020 3:40pm

PR Newswire (US)


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VIRGINIA BEACH, Va., June 30, 2020 /PRNewswire/ -- New Ventures Funds, a venture fund targeting investments in companies across healthcare and life sciences, is pleased to announce the IPO of its portfolio company, ADC Therapeutics (NYSE:ADCT). The company raised $267.6 million through the sale of 14,082,475 of its common shares priced at $19.00 per share. Funds managed by New Ventures III and New Ventures Select have invested in ADCT since 2015. In just over a month, New Ventures has seen two portfolio companies complete successful public listings, the second being Royalty Pharma (NASDAQ: RPRX).

Dr. Richard Warburg, General Partner, and member of the founding team of ADCT commented on the announcement, saying, "I am honored to have been part of the original team of ADCT, now in a pivotal state ready for its first BLA filing this year and a further such filing within a year. The company has multiple drugs in its pipeline for the treatment of lymphomas and other cancers, with the potential of becoming an integral part of the treatment paradigm for difficult to treat patients." Dr. Warburg has been developing critical patents for biotechnology and healthcare companies for over 30 years. New Ventures Funds believes that IP is essential for success in any such investment, and only invests when IP exists or can be created.

ADC Therapeutics is a late clinical-stage oncology-focused biotechnology company pioneering the development and commercialization of highly potent and targeted antibody drug conjugates (ADCs) for patients suffering from hematological malignancies and solid tumors. The company's lead candidate, Lonca, has been evaluated in a 145-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) that showed a 45.5% interim overall response rate (ORR), which surpassed the target primary endpoint. The company's second lead product, Cami, is being evaluated in a 100-patient pivotal Phase 2 clinical trial for treatment of relapsed or refractory Hodgkin Lymphoma (HL); it displayed an 86.5% ORR in a Phase 1 clinical trial.

General Partner, Jonathan Finn said, "The past month has been exceptional for our funds with the highly successful public listings of two significant positions in our portfolio. We believe this is a reflection on our team's disciplined investment strategy in the healthcare and digital medicine space."

About New Ventures:

The New Ventures team is a group of co-founders, entrepreneurial operators, and investors with collectively over 100 years of experience and whose members have collaborated on various projects together in the healthcare industry. The first fund launched in 2006, and since then the team has repeatedly created, invested in, and exited multiple companies in therapeutics, precision medicine, diagnostics and various high-impact technology verticals. Through New Venture's deep understanding, the team can translate transformational science into successful business ventures. New Ventures understands science and technology breakthroughs needed to achieve radical change; the strategy focuses on novel and unique innovations that have breakthrough potential. To see more, please visit: www.newventuresfunds.com

Contact:




New Ventures Funds

William Martin

3500 Pacific Ave.

Investor Relations

Virginia Beach, VA, 23451

w.martin@newventuresfunds.com

Phone: (757) 491-1200


This is not an offer to purchase or sell, nor a solicitation of an offer to purchase or sell an interest in The Fund or any other financial instrument.  Any offering or solicitation will be made only to qualified prospective investors pursuant to the offering memorandum, and the subscription documents, all of which should be read in their entirety.

Certain information contained in this article constitutes "forward-looking statements," which can be identified by use of forward-looking terminology such as "may," "will," "should," "expect," "anticipate," "intend," or "believe" or the negatives thereof or other variations thereon or comparable terminology. Due to the various risks and uncertainties, actual events may differ materially from those reflected or contemplated in such forward-looking statements.

 

Cision View original content:http://www.prnewswire.com/news-releases/new-ventures-portfolio-company-adc-therapeutics-completes-267-million-ipo-301086015.html

SOURCE New Ventures Funds

Copyright 2020 PR Newswire

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