ADC Biotechnology, a Welsh company specializing in antibody-drug conjugate (ADC) contract services, said it has garnered $1.6 million (£1.14 million) in funding it will use to focus on building its presence in the U.S. market as well as developing advanced bioconjugation manufacturing methods.
The funding is backed by the London-based investment management firm Downing.
Last month, ADC Biotech announced it is developing and testing a new upstream bioconjugation approach that leverages the company’s Lock-Release technology. The company said the new process will save several months of manufacturing time and up to 25% of overall manufacturing costs at its Deeside plant.
“The funding will in part help us to continue to lead further industry innovation, specifically, the investigation and validation of our upstream bioconjugation method,” Charlie Johnson, ADC Bio’s chief executive, said in a statement. “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 U.S. market in our drive to further expand our international client base and thereby to increase total revenues.”
In September, the company announced it would invest $11 million to build a new facility in Deeside, North Wales. The 21,325-square-foot facility is expected to be completed by December and will support the production of all clinical phases and small-scale commercial manufacture of ADCs.