ProfoundBio Raises $112 Million in Series B Financing to Advance Breakthrough Cancer Therapies

The organization secured significant Series B funding, led by Ally Bridge Group, to advance its innovative ADC pipeline and enhance global clinical outcomes
Funding & Investments
February 15, 2024

ProfoundBio, a pioneering clinical-stage biotechnology firm specializing in antibody-drug conjugate (ADC) therapeutics, has announced the successful closure of an oversubscribed $112 million Series B financing round. The endeavor, buoyed by a syndicate of top-tier healthcare investors, marks a watershed moment in the company's journey to redefine patient care.

Led by Ally Bridge Group, the financing initiative garnered substantial backing from numerous entities, including Nextech Invest, funds and accounts advised by T. Rowe Price Associates, Janus Henderson Investors, RA Capital Management, and OrbiMed, among others. This resounding display of confidence underscores the industry's recognition of ProfoundBio's groundbreaking approach to combatting cancer and is poised to catalyze the development of its diverse ADC portfolio.

Erin Lavelle, Chief Operating Officer and Chief Financial Officer of ProfoundBio, expressed profound optimism, stating, "We are excited to welcome this premier group of life science investors. Their commitment is a testament to our progress and our mission to develop innovative ADCs with the potential for improved clinical outcomes for patients."

"This investment boosts our momentum, especially with three clinical-stage candidates in our portfolio and another poised for clinical trials in the next few months. It's a pivotal step in enabling significant milestones and delivering key data readouts this year and through 2025. The addition of Andrew Lam, Eric Dobmeier, and Enoch Kariuki to our board brings invaluable expertise, strengthening our path to redefine patient care."

The Series B financing is poised to support ProfoundBio's array of clinical and preclinical ADC programs. Foremost among these initiatives is the planned trial of rinatabart sesutecan (Rina-S), for the treatment of ovarian cancer. The FRα-targeted ADC has already been granted Fast Track Designation by the U.S. Food and Drug Administration (FDA) for the treatment of patients with FRα-expressing high-grade serous or endometrioid platinum-resistant ovarian cancer.

Additionally, the infusion of capital is set to bolster ongoing efforts across a spectrum of other clinical and preclinical programs, with a keen focus on solid tumor cancers. Among these are PRO1160 and PRO1107, ADCs both in Phase 1 trials, and PRO1286, a bi-specific ADC, expected to enter the clinic in 2024.

Baiteng Zhao, Ph.D., Chairman of the Board and Chief Executive Officer of ProfoundBio, remarked. "This Series B financing is an important milestone in our mission to redefine cancer treatment," remarked Dr. Zhao. "With this support, we are better positioned to advance our clinical trials and offer new differentiated approaches."

Joining its existing Board of Directors, which includes Baiteng Zhao, Ph.D. (co-founder), Lynn Yang (HongShan), and Josh Jin (LAV), is a group of considerable experience in both biotechnology and investment. The new members include Andrew Lam from Ally Bridge Group, along with independent directors Eric Dobmeier and Enoch Kariuki. Their collective acumen is poised to fortify ProfoundBio's strategic vision and invigorate its pursuit of cutting-edge therapeutic solutions.

"ProfoundBio is led by an experienced management team with a proven track record of global approvals of ADC therapeutics and decades of research and development experience focused on this modality," Dr. Lam commented. "We are proud to be supporting a great team that has advanced an exciting pipeline of differentiated and potentially best-in-class and first-in-class ADCs."

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