A new biotech company launched Monday with substantial Series A funding of $187 million and exclusive rights to develop specialized cancer-fighting antibody-drug conjugates (ADCs) that can carry multiple therapeutic payloads.
Callio Therapeutics, based in both Seattle and Singapore, has secured licensing for innovative ADC technology from Singapore-based Hummingbird Bioscience. The agreement gives Callio exclusive rights to utilize Hummingbird’s multi-payload ADC platform for oncology applications. As compensation, Hummingbird received an equity stake in Callio and stands to earn additional payments if certain milestones are achieved.
The Series A funding 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 target of successful ADC treatments like Enhertu. However, Callio’s approach differs by incorporating multiple payload molecules, which could potentially increase the treatment’s effectiveness and help overcome resistance to existing single-payload ADCs that use topoisomerase 1 inhibitors. A second ADC has also been licensed from Hummingbird, though its target remains undisclosed.
“By enabling targeted delivery of rational drug combinations to cancer cells, multi-payload ADCs may significantly enhance treatment efficacy,” stated Piers Ingram, who serves as both CEO and co-founder of Callio Therapeutics.
The development marks another milestone in the evolution of ADC technology, which has seen renewed interest following recent clinical successes. ADCs work by combining toxic compounds with targeting antibodies, allowing for more precise delivery of cancer-fighting agents while minimizing damage to healthy tissue. This approach has proven particularly successful with drugs like Enhertu, developed by AstraZeneca and Daiichi Sankyo, which has revolutionized certain breast cancer treatments and generated billions in revenue.
Callio’s leadership team brings together experienced executives from both Hummingbird and the broader ADC field. Ingram, who co-founded Callio, also maintains his position as CEO and co-founder of Hummingbird Bioscience. The company has recruited Jerome Boyd-Kirkup and Angele Maki from Hummingbird, along with Naomi Hunder, who previously served as chief medical officer at ProfoundBio – an ADC developer recently acquired by Genmab.
The significant investment and strategic licensing deal reflect growing industry confidence in next-generation ADC technologies. While traditional ADCs have demonstrated success in cancer treatment, the potential for multi-payload delivery systems represents a new frontier in targeted cancer therapy. The approach could provide oncologists with more powerful tools to combat drug resistance and improve patient outcomes.
This development comes at a time when ADC technology is experiencing unprecedented attention from pharmaceutical companies and investors. The field has evolved significantly from its early days, with technical improvements and clinical successes driving increased interest in these targeted therapies. Callio’s multi-payload approach represents the next step in this evolution, potentially offering enhanced efficacy through the simultaneous delivery of multiple cancer-fighting agents.
The formation of Callio Therapeutics, backed by substantial funding and built on licensed technology from an established player in the antibody development space, positions the company to advance the development of these next-generation cancer treatments. The startup’s focus on improving upon existing ADC technology through multi-payload delivery systems could potentially address current limitations in cancer therapy while building upon the successful foundation laid by previous ADC developments.