LAUSANNE, Switzerland, Oct. 02, 2019 (GLOBE NEWSWIRE) -- ADC Therapeutics SA, a clinical-stage oncology-focused biotechnology company pioneering the development of highly potent and targeted antibody drug conjugates (ADCs) for patients suffering from hematological malignancies and solid tumors, today announced that it has withdrawn its registration statement on Form F-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of its common shares.
Chris Martin, DPhil, Chief Executive Officer of ADC Therapeutics, said, “In light of adverse market conditions, we have determined it is in the best interests of our shareholders to withdraw the registration statement. We are fortunate to have a strong balance sheet, highly supportive investors, alternative financing options and a steady flow of forthcoming milestones, all of which factored into our decision to not proceed with an initial public offering in the current market conditions.”
About ADC Therapeutics
ADC Therapeutics SA is a clinical-stage oncology-focused biotechnology company pioneering the development of highly potent and targeted antibody drug conjugates (ADCs) for patients suffering from hematological malignancies and solid tumors. The Company develops ADCs by applying its decades of experience in this field and using next-generation pyrrolobenzodiazepine (PBD) technology to which ADC Therapeutics has proprietary rights for its targets. Strategic target selection for PBD-based ADCs and substantial investment in early clinical development have enabled ADC Therapeutics to build a deep clinical and research pipeline of therapies for the treatment of hematological and solid tumor cancers with significant unmet need. The Company has multiple PBD-based ADCs in ongoing clinical trials, ranging from first in human to pivotal Phase 2 clinical trials, in the USA and Europe, and numerous preclinical ADCs in development. ADCT-402, the Company’s lead product candidate, has demonstrated significant single-agent clinical activity across a broad population of patients with relapsed or refractory diffuse large B-cell lymphoma, including difficult-to-treat patients. ADCT-301, the Company’s second lead product candidate, has demonstrated clinical activity in heavily pretreated patients with Hodgkin lymphoma and, based on its mechanism of action, also has potential for the treatment of solid tumors. ADC Therapeutics is based in Lausanne (Biopôle), Switzerland and has operations in London, the San Francisco Bay Area and New Jersey.
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