Novo Holdings, OrbiMed, Jeito lead $181M fundraise for ADC biotech

Swiss biotech Alentis Therapeutics has secured $181.4 million, money that will be used to launch clinical trials for two antibody-drug conjugates (ADCs).

Healthcare investor OrbiMed led the oversubscribed series D financing, with Novo Nordisk Foundation's asset manager Novo Holdings and Jeito Capital co-leading the round, according to a Nov. 12 release. RA Capital Management, Frazier Life Sciences, Longitude Capital, Catalio Capital and Morningside Venture Investments also participated, among others. 

Alentis will use the money to advance a pipeline of medicines targeting Claudin-1 (CLDN1). Claudin-1 is a protein that plays a role in several diseases, with Alentis chasing treatment for CLDN1-positive tumors and organ fibrosis.

More specifically, the new cash infusion will go toward launching a phase 1/2 trial for ALE.P02, a potential first-in-class ADC carrying a tubulin inhibitor payload to treat advanced or metastatic solid tumors. The FDA has already approved in-human trials for the asset, with testing expected to start in the first quarter of next year, according to the release.

Alentis will also use the money to move ALE.P03, a preclinical program targeting CLDN1+ tumors with a topoisomerase I inhibitor payload, into a phase 1/2 trial sometime next year.

“This financing is a testament to the transformational potential of CLDN1 ADCs for the treatment of solid tumors,” Alentis CEO Roberto Iacone, M.D., Ph.D., said in the release. “We're excited to execute our development strategy and deliver clinical data for our programs over the next 12-18 months.”

Notably, the fundraise follows an FDA approval of AstraZeneca and Astellas' antibody zolbetuximab, sold as Vyloy, a monoclonal antibody targeting CLDN18.2. The class-first nod occurred less than a month ago, with the med receiving the green light for patients with locally advanced human epidermal growth factor receptor 2 (HER2)-negative gastric or gastroesophageal junction adenocarcinoma with CLDN18.2-positive tumors.

Alentis’ series D financing round comes a year and a half after the biotech secured $105 million in a series C financing co-led by Novo Holdings, RA Capital and Jeito Capital.