ADC Therapeutics Relaunching IPO Tomorrow

(RTTNews) - Epalinges, Switzerland-based ADC Therapeutics is scheduled to list its stock on the NYSE, under the symbol 'ADCT', on May 14, 2020. This is the second attempt of the company to go public. ADC Therapeutics, which is a spinoff from Spirogen Ltd., had withdrawn its IPO filing in September 2019, citing adverse market conditions.

ADC Therapeutics is a late clinical-stage oncology-focused biotechnology company developing antibody drug conjugates or ADCs for patients suffering from hematological malignancies and solid tumors.

As per an amended F-1 registration statement, the company has offered to sell 7.355 million shares of its common stock in the offering and granted the underwriters an option for 30 days to purchase up to 1.10 million additional shares of common stock.

The company has now slashed its expected initial public offering price to between $16.00 and $18.00 per share. Last September when the company was planning to go public, it was planning to offer 8.164 million shares at a price of between $23.00 and $26.00 per common share.

Underwriters of the IPO:

Morgan Stanley & Co., LLC BofA Securities, Inc , Cowen and Company, LLC

Pipeline:

ADC Therapeutics has seven product candidates in its pipeline for hematological malignancies and solid tumors.

Hematology franchise comprises three clinical-stage product candidates, Loncastuximab tesirine or "Lonca", Camidanlumab tesirine or "Cami" and ADCT-602.

Solid tumor franchise comprises two clinical-stage product candidates, ADCT-301 and ADCT-601, and two preclinical product candidates, ADCT-701 and ADCT-901.

Loncastuximab tesirine is under a pivotal phase II study in patients with relapsed or refractory (R/R) diffuse large B-cell lymphoma. The compound is also in a phase 1b trial in combination with ibrutinib in patients with R/R DLBCL or mantle cell lymphoma and in a Phase 1b trial in combination with durvalumab in patients with R/R DLBCL, MCL or follicular lymphoma.

Camidanlumab tesirine is in a pivotal phase II clinical trial for relapsed or refractory Hodgkin lymphoma and is also being evaluated in a phase Ib clinical trial for selected advanced solid tumors.

Near-term Catalysts:

-- Submission of BLA for Lonca for the treatment of relapsed or refractory DLBCL in the second half of 2020.

-- Interim safety and efficacy data from the Phase 1 part of Phase 1/2 clinical trial of Lonca in combination with ibrutinib for the treatment of relapsed or refractory DLBCL and mantle cell lymphoma are anticipated in the second quarter of 2020.

--Pivotal Phase 2 clinical trial of Lonca for the treatment of follicular lymphoma is expected to begin in the fourth quarter of 2020.

-- Interim data from Phase 1b clinical trial of Cami for selected advanced solid tumors is expected in the second half of 2020.

-- Top-line response rate data from Phase 2 clinical trial of Cami for the treatment of relapsed or refractory Hodgkin lymphoma is expected in the first half of 2021.