ADC Biotechnology has secured £1.14 million in funding from investment managers, Downing. The investment will assist the development of an advanced bioconjugation method – a new ADC manufacturing approach and a conceptual design for implementation of a fill-finish operation within the existing facility at Deeside. The funding vehicle, Downing FOUR VCT Healthcare, was established through a partnership between BioScience Managers and Downing to provide a new healthcare share class to Venture Capital Trust (VCT) investors.
ADC Bio announced last month it is in the process of developing and internally validating its new upstream bioconjugation approach. The highly disruptive method, which leverages the company’s patented Lock-Release technology, would save several months of manufacturing time and up to 25% of overall manufacturing costs.
“We are very pleased to have been selected by Downing LLP and BioScience Managers for this investment and we look forward to putting the capital to great use in two major elements of our overall strategy for continued growth. The funding will in part help us to continue to lead further industry innovation, specifically, the investigation and validation of our upstream bioconjugation method - the benefits of which we then intend to bring to the market,” Charlie Johnson, CEO of ADC Bio said. “Moreover, the investment also provides us with more resources to implement the latest phase in our business development plan, namely, securing more contracts from the main US market in our drive to further expand our international client base and thereby to increase total revenues.”