Ashfords LLP has advised life sciences company Iksuda Therapeutics (Iksuda) on a $42 million (£29.6 million) Series A financing round.

Iksuda is the developer of a new generation of antibody drug conjugates (ADCs) with raised therapeutic index. The ADC programmes focus on tumours that have limited treatment options and high relapse rates.

Led by Korean investor Mirae Asset Capital and its subsidiaries, with Celltrion Inc. (Celltrion) and Premier Partners, the funding aims to support the advancement of Iksuda's lead ADC assets and will allow the expansion of Iksuda's payload and conjugation platform technologies. IP Group plc (IP Group) has also agreed to sell $5 million (£3.5 million) worth of shares as part of the transaction to facilitate the introduction of Celltrion as a strategic partner to Iksuda and secure long-term financial backing for the company’s pipeline. The funding round and the sale of shares by IP Group will be tranched and subject to the achievement of certain milestones.

The Ashfords team was led by Corporate Partner Jocelyn Ormond with Scott Preece (Senior Associate) and Charles Davies (Solicitor), supported by Nicola Manclark (Tax Partner), Mark Lomas (Chair and IP Partner), Tom Phipps (Consultant, advising on Data Protection) and Vanessa James (Employment Partner).

Jocelyn commented: "We have been delighted to support Iksuda on their Series A financing round, facilitating the new investment, and working closely with Dave Simpson and his team and the company’s shareholders and their advisers. This has been a great opportunity for us to combine our focus on the healthcare, digital health & life sciences sector, particularly in the venture capital space, with our commitment to building long-term relationships".

Dr David Simpson, CEO of Iksuda, said: “Having advised Iksuda on its corporate transactions since our inception, Jocelyn recognised the transformational importance of this investment for the company and the Ashfords team have provided unrivalled expertise and support in every aspect of this transaction.  We look forward to continuing our relationship with the Ashfords team as we continue with our growth plans.”