A new biotechnology company launched Monday with substantial Series A funding of $187 million and exclusive rights to develop innovative antibody-drug conjugate (ADC) technology capable of delivering multiple cancer-fighting payloads.
Callio Therapeutics, which will operate from dual headquarters in Seattle and Singapore, has secured licensing rights from
Singapore-based Hummingbird Bioscience to utilize its novel
multi-payload ADC platform specifically for oncology applications. The agreement provides Hummingbird with an equity stake in Callio and the potential for additional payments based on achievement of certain milestones.
The significant Series A financing round was spearheaded by Frazier Life Sciences, which established the company, with participation from nine additional investors including Jeito Capital, Novo Holdings, and Omega Funds.
The company’s leading drug candidate targets HER2, a protein commonly associated with certain cancers and already the focus of successful ADC treatments like Enhertu. However, Callio’s approach differs by incorporating multiple payload molecules, potentially offering increased potency and the ability to overcome resistance that can develop to single-payload ADCs that deliver topoisomerase 1
inhibitors. A second ADC program was also licensed from Hummingbird, though its target remains undisclosed.
The development comes amid growing interest in ADC technology, which has seen renewed attention following recent clinical successes. ADCs function by combining targeting antibodies with toxic compounds, allowing for more precise delivery of cancer treatments while minimizing damage to healthy tissues. The approach has proven particularly successful with Enhertu, a collaboration between AstraZeneca and Daiichi Sankyo that has transformed treatment protocols for certain breast cancers while generating billions in revenue.
“Multi-payload ADCs represent a potential breakthrough in targeted cancer treatment by enabling the delivery of strategic drug
combinations directly to cancer cells, potentially resulting in significantly enhanced therapeutic efficacy,” said Piers Ingram, who serves as both CEO and co-founder of Callio Therapeutics.
The company’s leadership team brings together experienced executives from both Hummingbird Bioscience and the broader ADC field. Ingram, who also co-founded and leads Hummingbird, 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.
The substantial funding and experienced leadership team position Callio to advance its novel multi-payload ADC platform, which aims to address current limitations in cancer treatment by delivering multiple therapeutic agents simultaneously to cancer cells. This approach could potentially offer new options for patients who have developed resistance to existing treatments or require more potent therapeutic combinations.
The company’s development programs build upon the growing momentum in the ADC field, where technical innovations and clinical successes have attracted increased investment and interest from major pharmaceutical companies. The ability to deliver multiple payloads represents a potential next step in the evolution of ADC technology, which has already demonstrated significant clinical value through approved products like Enhertu.
Through its exclusive licensing agreement with Hummingbird and backed by prominent healthcare investors, Callio is positioned to advance its innovative approach to ADC development, potentially opening new avenues in targeted cancer therapy.