ADC Therapeutics (ADCT) said Thursday it will close its UK site and reduce its workforce by about 30% by the end of September as part of a cost-cutting plan.
The company said it expects to incur up to $7 million in one-time restructuring charges from the layoffs, primarily in Q2.
Separately, ADC Therapeutics said it expects to raise $100 million through a private sale of 13 million shares at $3.53 each and 15.7 million pre-funded warrants at $3.43 each to institutional investors.
The company said net proceeds from the placement, expected to close on June 16, will be used to fund the clinical development and commercialization of Zynlonta, working capital, and other corporate needs.
The company said it will also advance its prostate cancer drug candidate and shut down early-stage programs in solid tumors.
ADC Therapeutics said it expects key clinical trial milestones between late 2025 and 2027 for its Zynlonta programs and aims to complete preparatory work for its PSMA-targeting drug candidate by year-end.
Shares of the company were up nearly 2% in recent Thursday premarket activity.
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