ADC Therapeutics: $86.6M private placement and debt overhaul
The Epalinges-based company is raising about $86.6M gross ($76.3M net) from Bain Capital Life Sciences, a new investor, and from existing holders Redmile, TCGX and Nantahala. The shares are priced at $1.42, and the total includes pre-funded warrants. ADC will prepay $70M of its Blue Owl term loan, leaving $50M due in 2029. The minimum-liquidity covenant is replaced by a requirement for at least $65M of US Zynlonta sales over four quarters. HealthCare Royalty drops a $150M payment that was due on a change of control. Closing is expected on 22 October.
Context The raise equals about 46% of the $189.2M cash ADC held at 30 September. The company puts pro forma cash at about $196M, with runway “into 2029”. Zynlonta, its only marketed drug, brought in a preliminary $21.0M in Q3, up from $18.6M in Q2, so the new sales covenant sits below the current run rate. The deal follows an August pre-sBLA meeting where the FDA raised substantial concerns about benefit-risk in the LOTIS-5 trial. That leaves full approval in second-line DLBCL uncertain. The next test is LOTIS-7 (Zynlonta plus glofitamab), with data due at ASH in December.
Source: ADC Therapeutics release · Q2 2026 results and LOTIS-5 update
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GenSight Biologics: GS030 optogenetics trial published in NEJM, plus a €1.0M raise
NEJM has published PIONEER, a Phase 1/2 trial of GS030 in late-stage retinitis pigmentosa. GS030 is an eye-injected gene therapy that makes retinal ganglion cells light-sensitive, and patients use it with stimulation goggles. The trial was designed mainly to test safety, and most eye side effects were mild or moderate. In exploratory measures, 6 of 10 patients improved in light sensitivity and 4 of 8 improved on some visual tasks with the goggles. The same day, GenSight raised €1.0M from existing shareholders.
Context GS030 is GenSight’s second programme. The lead is Lumevoq for LHON, which earns revenue under early-access schemes (€1.7M collected in Q3). Cash was €0.7M at 30 September, down from €1.7M at 30 June, against a stated funding need of about €16M. The company has warned of material uncertainty over its going concern status and says it would postpone the RECOVER Phase III trial without structural financing by March 2027.
Source: GenSight Biologics release · €1.0M fundraising · Cash position at 30 Sep
Pharvaris: Phase 3 RAPIDe-3 results published in The Lancet
The Lancet has published the full results of RAPIDe-3 for oral deucrictibant 20 mg, taken on demand for hereditary angioedema (HAE) attacks. The trial met its primary endpoint and all 11 secondary endpoints. Time to symptom relief was 1.28 hours and time to complete resolution was 11.95 hours, both faster than placebo, and no safety signals were seen. Most attacks were controlled with one capsule.
Context Deucrictibant, a bradykinin B2 receptor blocker, is Pharvaris’ only drug candidate. The FDA is due to decide on on-demand use by 23 April 2027, and the EMA is also reviewing the drug. In September, the CHAPTER-3 prophylaxis study showed an 83% cut in monthly attacks, and Pharvaris plans a second US filing in the first half of 2027. It would enter an on-demand market where KalVista’s Ekterly became the first approved oral option in July 2025. Pharvaris held €318M in cash at 30 June.
Source: Pharvaris release · CHAPTER-3 topline · Q2 2026 update · Ekterly approval