Novo Holdings co-leads $181.4 million Series D financing in Alentis Therapeutics to advance groundbreaking antibody-drug conjugates (ADCs) for solid tumours

• Funding to support development of first-in-class CLDN1 targeted medicines
• Strong syndicate of international life science investors
• One of the largest ADC-focused private fundraisings globally in 2024

Copenhagen, Denmark, 12 November 2024 - Novo Holdings, a leading global life science investor, today announced that it has co-led a $181.4 million Series D financing in Alentis Therapeutics (“Alentis”). Alentis is a clinical-stage biotechnology company, headquartered in Basel, Switzerland, which is developing a pipeline of Claudin-1 (CLDN1) targeted medicines.

This financing will enable Alentis to begin Phase 1/2 trials for two first-in-class ADCs: ALE.P02, which targets advanced or metastatic CLDN1+ squamous solid tumours with a tubulin inhibitor payload, and ALE.P03, which targets CLDN1+ tumours with a distinct topoisomerase I inhibitor payload. FDA clearance is already obtained for ALE.P02, with clinical trials expected to commence in Q1 2025. For ALE.P03, a first-in-human trial in patients with CLDN1+ tumours is subsequently planned to start in 2025.

The oversubscribed Series D round was led by OrbiMed, with Novo Holdings and Jeito Capital acting as co-leads. The financing round included new participation from Frazier Life Sciences, Longitude Capital, Catalio Capital, Piper Heartland Healthcare Capital, and Avego Bioscience Capital, along with continued support from existing backers including notably RA Capital Management, Morningside Venture Investments, BB Pureos and BPI France through its InnoBio 2 fund.

Naveed Siddiqi, Senior Partner, Venture Investments, Novo Holdings and Board Member of Alentis Therapeutics, said: “ADCs have shown their potential to be highly effective anti-cancer treatments. Alentis has an exciting pipeline of first-in-class ADCs. We look forward to seeing the data generated from the first clinical trials of ALE.P02 and ALE.P03.”

Roberto Iacone, Chief Executive Officer of Alentis Therapeutics, added: “This financing is a testament to the transformational potential of CLDN1 ADCs for the treatment of solid tumours. Let me take this opportunity to extend a warm welcome to our new investors. We're excited to execute our development strategy and deliver clinical data for our programs over the next 12–18 months.”