Pheon Therapeutics bags $120 million financing to fund ADC pipeline

21 May 2024

UK antibody-drug conjugate (ADC) company Pheon Therapeutics today announced the completion of a $120 million Series B financing to fund the development of its pipeline of differentiated ADCs.

The financing was led by TCGX with participation from other new investors BVF Partners, Lightspeed and Perceptive Advisors, alongside existing investors Atlas Venture, Brandon Capital, Forbion, and Research Corporation Technologies.

The company, which launched in March 2022 with a $68 million series A financing, said it will use the funds to further advance Pheon’s differentiated ADC pipeline through clinical proof of concept. The first three assets are aimed at an undisclosed novel target which is highly overexpressed in a wide range of solid tumors.

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