ADC Bio secures additional equity round investment
Extra funding for strategic move into downstream formulation and fill finish capabilities and full exploitation of Lock-Release as new ADC manufacturing paradigm
14 November 2018, Wales: ADC Biotechnology (ADC Bio), announces that it has secured additional funding of £2.5 million from existing investors and company management. The investment syndicate consists of Maven Capital Partners, Seneca Partners, the Development Bank of Wales and Downing LLP. The finance will be deployed to ensure the achievement of specific business goals within the company’s overarching corporate strategy.
Charlie Johnson, CEO of ADC Bio commented: “We are delighted to have obtained this additional injection of funds that will be used to support the company’s strategic aspirations, including conceptual design of a downstream formulation and filling operation to complement our existing bioconjugation operations at the Deeside facility. We are also looking to fully exploit our core Lock-Release technology to create a transformative manufacturing paradigm that will significantly streamline ADC manufacturing supply chains”.
This follows the announcement last April in which the company unveiled that it had secured funding from Downing LLP to bolster the company’s marketing and new business drive for quicker penetration into the main US market.
Johnson added: “The investment has been secured in response to strong supportive trends from the ADC development sector and will be put to good use in our planned strategy to further differentiate our company’s unique technology and service offering.”
For media enquiries, please contact Tristan Jervis or Alex Heeley at De Facto Communications on +44 (0) 203 735 8166 or e-mail: t,[email protected].
About ADC Bio
ADC Bio is an innovative biotechnology company developing new process technology to speed, simplify and significantly lower the production costs of the latest generation of anti-cancer blockbuster drugs, Antibody Drug Conjugates (ADCs). Formed in 2010, the Company has commercialised and expanded facilities at St Asaph, Denbighshire into an international centre of expertise in the manufacture of ADCs. As specialists in state-of-the-art bio-conjugation techniques and cytotoxin drug-linker synthesis, the Company offers technical services to assist drug developers to deliver next generation ADCs and other biomolecule conjugates. ADC Bio’s proprietary ‘Lock-Release’ technology aims to become a new paradigm in the way ADCs are developed and manufactured, increasing accessibility for patients by helping to contain ADC production complexity and cost. ‘Lock-Release’ technology results in fast, simple and robust conjugation processes, with the potential to eliminate several process steps whilst enhancing product quality.
About Maven Capital Partners
Maven Capital Partners UK LLP (Maven) is an independent private equity house focused on the provision of flexible equity and debt funding for UK SMEs, and one of the most active managers in the UK having invested over £350 million in British businesses since 2009.
Headquartered in Glasgow, and with other offices throughout the UK, Maven has over 80 investment and support professionals providing a truly nationwide coverage. Maven has £600 million funds under management and ready to invest, and manages assets for a variety of client funds, including Venture Capital Trusts, UK regional fund mandates, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.
For more information about Maven visit: www.mavencp.com @maven_cp
About Downing LLP
Downing LLP is a London-based investment management firm. We help UK businesses grow by investing in them via our range of venture capital trust (VCT), enterprise investment schemes (EIS), inheritance tax (IHT), individual savings account (ISA) and open-ended investment company (OEIC) products. So far, over 35,000 investors have been a part of what we do, and we are proud to have raised over £1.7 billion into businesses across a range of sectors, from renewable energy, care homes, health clubs and children's nurseries, to app-technology, sports nutrition and satellite earth stations. We currently have over £875 million of funds under management.
About Seneca Partners
Seneca Partners is an award-winning specialist SME investment and advisory business. Formed in 2010, and headquartered in the North West of England, the management team have extensive experience across a range of sectors, including private equity, corporate finance, wealth management, accountancy and stockbroking. Seneca won “Alternative Finance Provider” in both 2016 and 2017 at the North West Business Insider Awards.
Seneca Partners is also the founding member of the Seneca branded network of companies which includes Seneca Investment Managers, a Liverpool based fund manager with more than £500 million under management (as at 31 March 2018), Seneca Finance Limited, a property bridging finance provider with a loan book of more than £20 million (as at 31 March 2018) and Seneca Property Limited who originated more than £25 million of property acquisitions in the 12 months to 31 March 2018. This wider Seneca branded network of companies operates from 4 offices across the North of England and employs more than 60 people.
About The Development Bank of Wales
The Development Bank of Wales was set up by the Welsh Government to support the economy of Wales by making it easier for businesses to get the finance needed to start up, strengthen and grow. The purpose of the Development Bank is to unlock potential in the economy of Wales by increasing the provision of sustainable, effective finance in the market.
Launched in October 2017 it is a cornerstone organisation for delivery of public sector financial products, supporting micro to medium businesses in Wales and increasing the supply of finance. It promotes economic development through an adaptable delivery model that is responsive to market needs whilst providing continued value for money for public funds. It delivers key Welsh Government policy objectives measured through performance targets and providing investment management and support services across the whole of Welsh Government.
Formerly known as Finance Wales, the Development Bank of Wales has supported 344 businesses in Wales with £72m worth of investment funds in its first year of operation (figures correct as of October 2018) which has in turn, attracted £84m in private investment. Media centre: www.developmentbank.wales/media
Development Bank of Wales Plc (Banc Datblygu Cymru ccc) is the holding company of a Group that trades as Development Bank of Wales. The Group is made up of a number of subsidiaries which are registered with names including the initials DBW. Development Bank of Wales Plc is a development finance company wholly owned by the Welsh Ministers and it is neither authorised nor regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). The Development Bank of Wales has three subsidiaries which are authorised and regulated by the FCA. Please note that neither the Development Bank of Wales Plc nor any of its subsidiaries are banking institutions or operate as such. This means that none of the group entities are able to accept deposits from the public. A complete legal structure chart for Development Bank of Wales Plc can be found atwww.developmentbank.wales.