ADC Therapeutics Announces a $115 Million Convertible Credit Facility with Deerfield
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EQS Group-News: ADC Therapeutics SA
/ Key word(s): Financing
ADC Therapeutics Announces a $115 Million Convertible Credit Facility with Deerfield
Chris Martin, Chief Executive Officer of ADC Therapeutics, said, "We are delighted to add Deerfield as one of our long-term financial partners as we prepare for the submission of a Biologics License Application for Lonca to the U.S. Food and Drug Administration. To that end, we are continuing to build out our commercial organization for the launch of Lonca, if approved, in mid-2021 while advancing our diversified pipeline of novel ADCs for patients with hematological cancers and solid tumors." Under the Convertible Credit Facility, Deerfield agreed to extend senior secured convertible term loans (the "convertible loans") to the Company in two separate disbursements, each subject to satisfaction of certain conditions. Deerfield agreed to extend (i) an initial disbursement of convertible loans to the Company in the amount of $65.0 million upon completion of an initial public offering by the Company and satisfaction of certain other conditions and (ii) a subsequent disbursement of convertible loans to the Company in the amount of $50.0 million upon receipt of regulatory approval for Lonca and satisfaction of certain other conditions.
Loncastuximab tesirine (Lonca, formerly ADCT-402), the Company's lead product candidate, has been evaluated in a 145-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory diffuse large B-cell lymphoma (DLBCL) that showed a 45.5% interim overall response rate (ORR), which exceeded the target primary endpoint. Camidanlumab tesirine (Cami, formerly ADCT-301), the Company's second lead product candidate, is being evaluated in a 100-patient pivotal Phase 2 clinical trial for the treatment of relapsed or refractory Hodgkin lymphoma (HL) after having shown an 86.5% ORR in HL patients in a Phase 1 clinical trial. The Company is also evaluating Cami as a novel immuno-oncology approach for the treatment of various advanced solid tumors. ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey. For more information, please visit https://adctherapeutics.com/.
Additional features: Document: https://eqs-cockpit.com/c/fncls.ssp?u=NBJQLMFQXM Document title: ADCT_1.5.2020
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