ADC Therapeutics announced a $105 million offering after sharing what it called positive topline data from a Phase 2 trial of its cancer drug Zynlonta.
The Swiss biotech is selling off 13.4 million shares for $4.90 each and pre-funded warrants to purchase another 8.1 million shares for $4.81 each for certain investors. Its stock $ADCT dipped around 8% on Monday afternoon.
The company said Monday that its antibody-drug conjugate showed a “high response rate” in patients with relapsed/refractory marginal zone lymphoma (MZL), a rare type of non-Hodgkin lymphoma with few treatment options, according to the company. Those options can include chemotherapy, immunotherapy, surgery or Rituxan. ADC CMO Mohamed Zaki said in a statement that the company plans to “potentially pursue” approval for MZL if the trial results continue to be promising.
The trial enrolled 50 patients, though data for only 15 participants were evaluable as of the cutoff date of March 30. According to ADC Therapeutics, of the 15 patients who were evaluated, 13 achieved a complete response, and one patient achieved a partial response. All of the patients who responded to the drug had maintained them at the time of the data cutoff.
“Achievement of complete response to treatment represents the strongest predictor of positive outcomes in MZL so these initial results are encouraging,” Izidore Lossos, the trial’s lead investigator, said in a statement. “We are now expanding the number of sites to accelerate enrollment in this trial.”
Two patients discontinued the mid-stage trial; one after the second cycle of Zynlonta, and another after the fourth cycle due to toxicity, which ADC said fully resolved after stopping the drug. Both patients have still maintained a complete response. Participants underwent six cycles of treatment over 18 weeks.
ADC’s Zynlonta is already approved in the US and the EU for third-line relapsed or refractory large B cell lymphoma, diffuse large B cell lymphoma arising from low-grade lymphoma, and high-grade B cell lymphoma.
