CrossBridge Bio Raises $10 Million Seed Round and Secures $15 Million CPRIT Grant to Advance Dual-Payload ADC Cancer Therapies
CrossBridge Bio, a biotechnology company advancing next-generation dual-payload antibody-drug conjugate (ADC) therapies for cancer, has secured multiple rounds of funding and significant grant support as it works to move its lead program toward clinical development. The company’s novel approach, which combines two therapeutic payloads on a single antibody to address tumor resistance and heterogeneity, has attracted backing from both venture investors and public funding bodies.
In November 2024, CrossBridge Bio closed a $10 million seed financing round to accelerate development of its proprietary dual-payload ADC platform, including its lead candidate CBB-120, a TROP-2–targeted dual-payload ADC for solid tumors. The round was co-led by TMC Venture Fund and CE-Ventures, the venture capital arm of Crescent Enterprises. Additional participation came from Portal Innovations, Alexandria Venture Investments, Linden Lake Labs, along with several pre-seed investors. The financing supported preclinical development activities, including toxicology studies and advancement of the company’s proprietary linker technology, which enables controlled delivery of dual payloads.
The seed financing also enabled CrossBridge Bio to expand its leadership and governance structure. Following the round, representatives from the lead investors joined the company’s board, adding experience across life sciences commercialization, venture investing, and healthcare innovation. CEO Michael Torres, Ph.D., has emphasized that the combined scientific and financial backing positions the company to accelerate development of its ADC candidates while maintaining a strong focus on translational execution.
In November 2025, CrossBridge Bio received a $15 million award from the Cancer Prevention and Research Institute of Texas (CPRIT) to support IND-enabling activities for CBB-120. The grant is intended to fund GLP toxicology studies, manufacturing scale-up, analytical development, and preparation for a planned IND submission in 2026. This non-dilutive funding significantly strengthens the company’s balance sheet and reduces financing risk as it advances toward clinical entry.
Earlier, CrossBridge Bio also secured $2.6 million in non-dilutive funding from CPRIT in 2024, which supported early preclinical research for CBB-120. Together, the CPRIT awards underscore sustained public-sector confidence in the company’s scientific approach and its potential to address unmet needs in oncology.
CrossBridge Bio’s technology builds on foundational research from UTHealth Houston scientists Dr. Kyoji Tsuchikama and Dr. Zhiqiang An, whose work underpins the company’s dual-payload ADC design. By integrating two complementary cytotoxic mechanisms into a single antibody construct, the platform is designed to improve antitumor activity while limiting off-target toxicity, a challenge that has constrained earlier generations of ADC therapies.
Beyond its lead program, the company is using its funding to expand a broader pipeline of dual-payload ADC candidates targeting additional cancer indications. The capital raised enables continued investment in platform development, pipeline expansion, and manufacturing readiness as CrossBridge Bio prepares for future clinical milestones.
The company’s funding trajectory reflects a blended financing strategy that combines venture capital with competitive public grants, a model commonly used by early-stage biotechnology firms developing complex therapeutic platforms. This approach allows CrossBridge Bio to advance high-risk, high-reward science while preserving equity and extending its development runway.
As CrossBridge Bio moves toward IND submission and eventual first-in-human studies, its growing base of financial and institutional support highlights investor confidence in its mission to redefine the therapeutic potential of antibody-drug conjugates. With strong backing and a differentiated technology platform, the company is positioning itself as an emerging player in the development of next-generation targeted cancer therapies.
