Novo Holdings has invested in a USD 187M Series A launch financing for Callio Therapeutics, a biotechnology company focused on realizing the promise of multi-payload antibody-drug conjugates (ADCs) to improve cancer therapy.

In conjunction with the financing, Callio Therapeutics has entered into an exclusive worldwide license agreement with Hummingbird Bioscience, a Novo Holdings portfolio company, for its dual-payload ADC platform in oncology and associated intellectual property and pipeline assets, in exchange for equity, potential milestone payments and royalties.

The oversubscribed Series A financing was led by Frazier Life Sciences, with significant participation from Novo Holdings and other life sciences investors including Jeito Capital, Omega Funds, Norwest, ClavystBio, EDBI, Platanus, Pureos Bioventures and SEEDS Capital.

Headquartered in Seattle and Singapore and launched by Frazier Life Sciences, the newly formed company intends to use the proceeds from the Series A financing to achieve clinical proof-of-concept for its HER2-targeted dual-payload ADC and a second undisclosed ADC program. The company’s mission aligns with Novo Holdings’ longstanding commitment to advancing innovative ADC technologies and builds on its existing portfolio to support the next generation of precision cancer therapies.

Ken Harrison, Senior Partner, Novo Holdings said, “Novo Holdings is pleased to support Callio Therapeutics to advance its groundbreaking dual-payload ADC programs, leveraging the innovative ADC platform developed by our portfolio company, Hummingbird Bioscience. This investment underscores our commitment to fostering novel oncology therapeutics that have the potential to transform cancer treatment. We look forward to seeing these promising therapies progress through clinical development to benefit cancer patients worldwide."

In connection with the financing Ken Harrison will join the Callio Therapeutics Board of Directors.

Piers Ingram, PhD, co-founder and Chief Executive Officer, Callio Therapeutics, said, “We are delighted to be launching Callio Therapeutics with the support of Frazier Life Sciences and this syndicate of investors. Multi-payload ADCs have the potential to enable the targeted delivery of rational drug combinations to cancer cells, and may provide significantly enhanced efficacy. This new generation of ADC therapies may meaningfully improve outcomes for patients.”

Adam Simpson, Executive Board Chair, Callio Therapeutics and Venture Partner, Frazier Life Sciences said, “The dual-payload ADCs being developed at Callio Therapeutics have the potential to address large unmet medical needs by overcoming many of the limitations of existing ADCs. With the expertise of the Callio Therapeutics team, together with access to the innovative dual-payload ADC technology, we believe that Callio Therapeutics will be the first company to show the clinical benefit of this exciting new multi-payload ADC approach and is well positioned to transform cancer therapy.”