ProfoundBio raised $112 million to support development of its pipeline of antibody-drug conjugates (ADCs), agents that recognize a molecular target via an antibody and deliver a toxin or other compound to cells.
The company, which has locations in the Seattle region and Suzhou, China, has three clinical-stage ADC candidates focused on solid tumors. Its lead candidate (targeting folate receptor alpha) is in phase 2 studies for ovarian and endometrial cancers. Phase 1 trials are ongoing for two other ADCs (targeting CD70 and PTK7), and a fourth ADC is expected to enter the clinic in 2024.
“With this support, we are better positioned to advance our clinical trials and offer new differentiated approaches,” said co-founder, CEO and board chair Baiteng Zhao, in a statement announcing the Series B round.
Zhao formerly was an associate director of Seagen, a Seattle-area ADC pioneer that was acquired by Pfizer in a $43 billion deal last year.
ProfoundBio also announced the addition of new board members, including Andrew Lam, managing director and head of biotech private equity at Ally Bridge Group, which led the financing round. New independent directors are Enoch Kariuki, formerly CEO at Lengo Therapeutics, and Eric Dobmeier, a Seagen veteran and former CEO of Chinook Therapeutics, a Seattle-based biotechnology company acquired by Novartis for $3.2 billion last year.
Co-founders Tae Han and Xiao Shang, also veterans of Seagen, are stepping down from the board. Han will continue to serve as chief strategy officer and Shang will remain head of chemistry, manufacturing and controls.
The company has 95 employees in Suzhou, focused mainly on research and development. The remaining 25 team members are in Seattle. The company plans to expand its presence in Seattle and other parts of the U.S. in the future, according to a spokesperson.
Other investors in the funding round include include Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed. The new investment brings total funding for ProfoundBio to more than $250 million, including a $55 million Series A round raised in 2021, followed by a $70 million raise in 2022.
