New ADC company launches with $68 million financing

A new UK-based antibody-drug conjugate (ADC) company, Pheon Therapeutics, has launched with $68 million in series A backing.

Headquartered in the so-called “Golden Triangle,” an area encompassed by world-leading universities in Oxford, Cambridge and London, Pheon has secured funding from Brandon Capital, Forbion and Atlas Venture.

Jonathan Tobin, a partner at Brandon Capital, said ADCs have, in the last few years, “started to show unprecedented clinical efficacy, through a better understanding of the properties that make an effective ADC, combined with next generation payloads and targets.”