VIRGINIA BEACH, Va.,
June 30, 2020 /PRNewswire/ -- New
Ventures Funds, a venture fund targeting investments in companies
across healthcare and life sciences, is pleased to announce the IPO
of its portfolio company, ADC Therapeutics (NYSE:ADCT). The company
raised $267.6 million through the
sale of 14,082,475 of its common shares priced at $19.00 per share. Funds managed by New Ventures
III and New Ventures Select have invested in ADCT since 2015. In
just over a month, New Ventures has seen two portfolio companies
complete successful public listings, the second being Royalty
Pharma (NASDAQ: RPRX).
Dr. Richard Warburg, General
Partner, and member of the founding team of ADCT commented on the
announcement, saying, "I am honored to have been part of the
original team of ADCT, now in a pivotal state ready for its first
BLA filing this year and a further such filing within a year. The
company has multiple drugs in its pipeline for the treatment of
lymphomas and other cancers, with the potential of becoming an
integral part of the treatment paradigm for difficult to treat
patients." Dr. Warburg has been developing critical patents for
biotechnology and healthcare companies for over 30 years. New
Ventures Funds believes that IP is essential for success in any
such investment, and only invests when IP exists or can be
created.
ADC Therapeutics is a late clinical-stage oncology-focused
biotechnology company pioneering the development and
commercialization of highly potent and targeted antibody drug
conjugates (ADCs) for patients suffering from hematological
malignancies and solid tumors. The company's lead candidate, Lonca,
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 surpassed the target primary endpoint. The company's
second lead product, Cami, is being evaluated in a 100-patient
pivotal Phase 2 clinical trial for treatment of relapsed or
refractory Hodgkin Lymphoma (HL); it displayed an 86.5% ORR in a
Phase 1 clinical trial.
General Partner, Jonathan Finn
said, "The past month has been exceptional for our funds with the
highly successful public listings of two significant positions in
our portfolio. We believe this is a reflection on our team's
disciplined investment strategy in the healthcare and digital
medicine space."
About New Ventures:
The New Ventures team is a group of co-founders, entrepreneurial
operators, and investors with collectively over 100 years of
experience and whose members have collaborated on various projects
together in the healthcare industry. The first fund launched in
2006, and since then the team has repeatedly created, invested in,
and exited multiple companies in therapeutics, precision medicine,
diagnostics and various high-impact technology verticals. Through
New Venture's deep understanding, the team can translate
transformational science into successful business ventures. New
Ventures understands science and technology breakthroughs needed to
achieve radical change; the strategy focuses on novel and unique
innovations that have breakthrough potential. To see more, please
visit: www.newventuresfunds.com
Contact:
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New Ventures
Funds
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William
Martin
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3500 Pacific
Ave.
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Investor
Relations
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Virginia Beach, VA,
23451
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w.martin@newventuresfunds.com
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Phone: (757)
491-1200
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This is not an offer to purchase or sell, nor a solicitation of
an offer to purchase or sell an interest in The Fund or any other
financial instrument. Any offering or solicitation will be
made only to qualified prospective investors pursuant to the
offering memorandum, and the subscription documents, all of which
should be read in their entirety.
Certain information contained in this article constitutes
"forward-looking statements," which can be identified by use of
forward-looking terminology such as "may," "will," "should,"
"expect," "anticipate," "intend," or "believe" or the negatives
thereof or other variations thereon or comparable terminology. Due
to the various risks and uncertainties, actual events may differ
materially from those reflected or contemplated in such
forward-looking statements.
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SOURCE New Ventures Funds