A new biotechnology company launched Monday with substantial Series A funding of $187 million, aiming to advance the development of next-generation antibody-drug conjugates (ADCs) capable of delivering multiple cancer-fighting payloads simultaneously.
The newly formed Callio Therapeutics, which maintains dual
headquarters in Seattle and Singapore, has secured an exclusive licensing agreement with Singapore-based Hummingbird Bioscience for its innovative multi-payload ADC technology platform in oncology applications. Under the terms of the agreement, Hummingbird Bioscience received an equity stake in Callio and stands to earn additional payments based on future milestones.
The Series A financing round was spearheaded by Frazier Life Sciences, which established the company, and drew participation from nine additional investors, including prominent names such as Jeito Capital, Novo Holdings, and Omega Funds.
Callio’s primary focus is on developing ADCs that can overcome current therapeutic limitations by incorporating multiple anti-cancer payloads. The company’s lead candidate targets HER2, a
well-established cancer protein that is also the target of Enhertu, a successful ADC marketed by AstraZeneca and Daiichi Sankyo. However, Callio’s approach differs by incorporating additional payload molecules, which the company believes will enhance therapeutic efficacy and potentially address resistance to existing topoisomerase 1 inhibitor-based ADCs like Enhertu.
The company has also obtained rights to a second ADC program from Hummingbird, though specific details about its target remain undisclosed.
“The potential to deliver targeted combinations of drugs to cancer cells through multi-payload ADCs could significantly enhance treatment effectiveness,” stated Piers Ingram, who serves as both CEO and co-founder of Callio Therapeutics, in the company’s announcement.
The leadership team at Callio brings together experienced executives from both Hummingbird and the broader ADC field. Ingram, who also co-founded and leads Hummingbird Bioscience, is joined by fellow Hummingbird executives Jerome Boyd-Kirkup and Angele Maki.
Additionally, the company has recruited Naomi Hunder, who previously served as chief medical officer at ProfoundBio, an ADC developer acquired by Genmab in 2024.
This launch comes amid growing industry interest in ADC technology, which has seen renewed attention following recent clinical successes. ADCs represent an evolution in cancer treatment by combining the targeting precision of antibodies with the cell-killing power of chemical toxins. The approach aims to deliver anti-cancer drugs more specifically to tumor cells while minimizing damage to healthy tissue.
The field has witnessed significant advancement in recent years, highlighted by the commercial success of drugs like Enhertu, which has transformed treatment paradigms in certain breast cancer types and generated billions in revenue for its developers. Callio’s
multi-payload approach represents the next potential step in ADC evolution, seeking to build upon these established successes with enhanced therapeutic capabilities.
The substantial funding secured by Callio reflects growing investor confidence in ADC technology and its potential to advance cancer treatment. The company’s dual-headquarters structure positions it to leverage expertise and resources from both the U.S. and Asian biotech sectors, potentially accelerating its development programs and market access strategies.