Phrontline's $60M Haul Signals New Era for Cancer-Fighting ADCs

SHANGHAI, China – November 24, 2025 – In a market buzzing with billion-dollar bets on cancer therapies, a three-year-old biotech has just sent a powerful signal. Phrontline Biopharma announced the closing of a $60 million Pre-A+ financing round, a significant capital injection aimed at advancing a new class of cancer drugs designed to be smarter, more potent, and capable of outmaneuvering a tumor’s most stubborn defenses.

This isn't just another funding story. The investment, led by prominent biotech venture firm Lapam Investment, validates Phrontline's highly specialized approach to antibody-drug conjugates (ADCs)—therapies often called "biological missiles." While first-generation ADCs have transformed oncology, Phrontline is pioneering a next-generation platform that combines bispecific antibodies with dual payloads, a strategy that could overcome the drug resistance that plagues many current treatments and offer new hope where options have run out.

Beyond the 'Magic Bullet': The Rise of Dual-Target ADCs

For years, ADCs have been hailed as "magic bullets" in oncology. They work by linking a powerful cytotoxic drug (the payload) to a monoclonal antibody that acts as a guidance system, seeking out specific protein targets, or antigens, on the surface of cancer cells. This allows for the targeted delivery of chemotherapy, minimizing damage to healthy tissue. Industry giants like Pfizer (via its Seagen acquisition) and Daiichi Sankyo have built blockbusters like Adcetris and Enhertu on this principle, fueling a global market valued at nearly $8 billion in 2023 and projected to quadruple by 2030.

However, cancer is a notoriously clever adversary. Tumors are often heterogeneous, meaning not all cells express the same target antigen. Furthermore, they can evolve to reduce antigen expression or develop other mechanisms to resist the ADC's payload. This is where Phrontline's innovation comes into focus. The company is among the first globally to build an end-to-end platform focused on two key advancements:

• Bispecific ADCs (BsAb-ADCs): Instead of one guidance system, these ADCs have two. They are engineered to recognize and bind to two different antigens on a cancer cell. This dual-targeting increases the chances of locking onto a tumor, improves specificity, and makes it harder for cancer cells to escape by down-regulating a single target.

• Dual-Payload ADCs: Phrontline's platform also allows for the attachment of two different types of cytotoxic payloads to a single antibody. This multi-pronged chemical assault can attack the cancer cell through different biological pathways simultaneously, a strategy designed to overwhelm resistance mechanisms that might neutralize a single agent.

By combining these two approaches, Phrontline aims to create ADCs that are not just more precise, but also more resilient against the dynamic nature of advanced cancers.

TJ101: A Two-Pronged Attack on Resistant Tumors

The most advanced proof of this strategy is Phrontline's lead candidate, TJ101. Currently enrolling patients in first-in-human clinical trials in both the United States and China, TJ101 is a bispecific ADC that targets two well-known players in tumor progression: EGFR and B7-H3.

EGFR, or Epidermal Growth Factor Receptor, is a validated target in many cancers, including lung and colorectal. However, while EGFR-targeting drugs have been successful, a large number of patients eventually develop resistance, leaving them with poor prognoses and limited treatment alternatives. This is a critical unmet need in modern oncology.

B7-H3, meanwhile, is an increasingly important immune checkpoint target. It is broadly expressed across a wide variety of solid tumors but has limited presence on healthy tissues, making it an ideal candidate for targeted therapy. Its expression is often associated with immune evasion and poor patient outcomes.

By targeting both EGFR and B7-H3, TJ101 is designed to attack tumors on two fronts. It can hit cancer cells expressing either target, addressing tumor heterogeneity, while also potentially overcoming the resistance pathways that plague single-agent EGFR inhibitors. Preclinical data, according to the company, has shown superior efficacy and a better safety profile compared to other programs, positioning TJ101 as a potential best-in-class asset.

Strategic Capital: The 'Who' Behind the $60 Million

In venture capital, the source of the money is often as important as the amount. Phrontline’s investor syndicate is a roster of strategic players who bring more than just capital to the table. The round was led by Lapam Investment, a top-tier Chinese biopharma VC firm with a deep portfolio and a track record of backing successful drug developers.

"Phrontline is a highly execution-focused and resilient team," said Ji Wang, Investment Lead at Lapam Investment. "By leveraging its proprietary bispecific antibody and dual-payload ADC platforms, the company has built a differentiated pipeline aimed at major unmet medical needs."

Perhaps most tellingly, the round included participation from Samsung Venture Investment Corporation. This entity manages the Samsung Life Science Fund, a strategic vehicle created by Samsung's bio-focused affiliates, including Samsung Bioepis, to invest in next-generation technologies. Samsung has made a clear and aggressive push into the ADC space, and its investment in Phrontline is a powerful endorsement of the company's technology from a global industrial giant looking to build its future pipeline. The participation of both new and existing shareholders further underscores the market's confidence in the company's swift execution and long-term vision.

Building a Global Footprint Through Smart Partnerships

Even before this latest financing, Phrontline was executing a textbook strategy for rapid global expansion. In October, the company announced two pivotal collaborations that provide a clear roadmap for both development and commercialization.

First, it inked a global strategic collaboration with Samsung Bioepis to jointly develop two new bispecific, dual-payload ADC candidates. This partnership leverages Phrontline's discovery engine and provides a powerful global partner with the resources and expertise to advance these next-generation assets through the clinic and onto the world stage. It demonstrates that Phrontline's platform is not a one-trick pony but a scalable engine for generating new drug candidates.

Second, Phrontline secured an exclusive license agreement with Sino Biopharmaceutical, a leading Chinese pharma group, for the rights to TJ101 in Mainland China and Hong Kong. This deal provides Phrontline with upfront, non-dilutive capital and a strong local partner to navigate the complex Chinese market, ensuring its lead asset has a clear path to a large patient population upon potential approval.

"From the beginning, our strategy has been guided by biology and translational science," said Tony Chen, Ph.D., Founder and Chief Executive Officer of Phrontline Biopharma. "This financing marks an important milestone for the company and will allow us to accelerate our clinical programs and global expansion as we work to deliver truly innovative ADC medicines to patients around the world."

With fresh capital, a validated technology platform, a promising lead asset in human trials, and a network of powerful strategic partners, Phrontline Biopharma is no longer just an emerging biotech. It is now a formidable contender in the global race to define the next frontier of precision oncology.