This week, the Swiss biotech company Alentis Therapeutics announced that it had raised $181.4 million in a Series D financing round, supported by several leading biotech investors. Led by OrbiMed and co-leads Novo Holdings and Jeito Capital, the financing will help Alentis develop a pipeline of anti-claudin-1 (CLDN1) antibody-drug conjugates (ADCs) for solid tumors.
ADCs are a type of therapy in which tumor-targeting antibodies are linked to a cytotoxic– usually cancer cell-killing– payload. Alentis’ ADCs target exposed CLDN1, a protein commonly found between epithelial cells, binding them together. However, in many solid tumors, such as bile duct cancer, squamous-cell lung cancer, and colorectal cancer, CLDN1 is overexpressed and forms a protective collagen barrier around the tumor. This makes it very hard for the immune system and therapies to reach the tumor, resulting in poorer outcomes for patients.
Alentis is developing therapies for CLDN1+ tumors and organ fibrosis. The company will use the most recent financing to begin Phase 1/2 clinical trials for ALE.P02 and ALE.P03, two first-in-class ADCs for the treatment of CLDN1+ squamous solid tumors. While both ADCs target CLDN1, they carry different cytotoxic payloads, potent cancer drugs. ALE.P02 carries a tubulin inhibitor, while ALE.P03 carries a topoisomerase inhibitor.
Speaking of the most recent fundraising round, Roberto Iacone, CEO of Alentis, said in a press statement: “This financing is a testament to the transformational potential of CLDN1 ADCs for the treatment of solid tumors. [...] We’re excited to execute our development strategy and deliver clinical data for our programs over the next 12-18 months.”
In October 2024, the FDA cleared Alentis’ IND application for ALE.P02, meaning the company can start with its plans to commence the first-in-human trial in Q1 2025.
At the time, Luigi Manenti, Chief Medical Officer of Alentis, said in a press release: “ADCs have shown great potential in the treatment of cancer. Squamous cancers originating in the head and neck, cervix, esophagus, and lung are characterized by high CLDN1 expression, and ALE.P02 provides a first-in-class opportunity for these patients who need new therapies after first-line treatment fails."
Alentis’ Series D financing round this week, marks the largest ADC-related fundraising in Europe in 2024. Other notable European fundraising rounds included UK-based Myricx Bio’s $114 million Series A in July 2024 and German Tubulis’ $134 million Series B2 in March 2024.
With advancements in payload and linker technologies, the increasing need for better-targeted cancer therapies, and the rising prevalence of cancer, the global ADC market is growing at a rapid rate. In a recent report, the global ADC market was estimated at a value of $9.4 billion in 2023 and is expected to reach $23.2 billion by 2030, growing at a CAGR of 13.8% in seven years.
