ProfoundBio’s $112M Series B Funding Signals a New Era in Cancer Therapeutics
ProfoundBio US Co., a biotech company focused on novel targeted cancer therapies, has successfully raised an impressive $112 million in an oversubscribed Series B financing round. The funding, led by Ally Bridge Group, boasts participation from distinguished healthcare investors such as Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed, among others. This substantial financial backing reflects the confidence of both new and existing investors in ProfoundBio’s innovative antibody-drug conjugate (ADC) therapeutics.
ProfoundBio specializes in developing ADCs, a cutting-edge class of drugs that combine the precision of monoclonal antibodies with the potency of cytotoxic drugs. The funds from this Series B round will play a crucial role in advancing ProfoundBio’s clinical-stage ADC pipeline, particularly in accelerating the pivotal trial of rinatabart sesutecan (Rina-S), designed for the treatment of ovarian cancer.
Erin Lavelle, Chief Operating Officer, and Chief Financial Officer of ProfoundBio expressed gratitude for the support from premier life science investors, emphasizing the pivotal step it represents in enabling significant milestones. Lavelle notes, “It’s a pivotal step in enabling significant milestones and delivering key data readouts this year and through 2025.”
The distinguished funding round has not only garnered financial support but has also enriched ProfoundBio’s board of directors with strategic appointments. Andrew Lam from Ally Bridge Group, Eric Dobmeier, and Enoch Kariuki, both accomplished individuals in biotechnology and investment, are set to join the board, further fortifying ProfoundBio’s leadership.
ProfoundBio’s robust pipeline includes several promising ADC programs:
- Rina-S: A folate receptor-alpha (FRα) targeted ADC, currently in Phase 2 trials for ovarian and endometrial cancers. Pivotal studies in ovarian cancer are planned for later this year.
- PRO1160: A CD70 targeted ADC, in Phase 1 trials with initial results expected in 2024.
- PRO1107: A protein tyrosine kinase 7 (PTK7) targeted ADC, in Phase 1 trials with initial results anticipated in 2025.
- PRO1286: A bispecific ADC, expected to enter clinical trials in 2024.
Baiteng Zhao, Ph.D., Chairman of the Board and Chief Executive Officer of ProfoundBio, emphasized the significance of the Series B financing as a crucial milestone in their mission to redefine cancer treatment. The support enables ProfoundBio to advance its clinical trials and offer new differentiated approaches to patients battling cancer.
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