ProfoundBio, a clinical-stage biotechnology company focused on novel antibody-based therapeutics for cancer patients, has successfully raised $112 million in its Series B funding round.
The funding round was led by Ally Bridge Group, with participation from new investors including Nextech Invest, T. Rowe Price Associates, Inc., Janus Henderson Investors, RA Capital Management, and others.
Existing investors Lilly Asia Ventures (LAV) and LYFE Capital also continued their support.
Advancing Clinical-Stage ADC Pipeline
The company plans to utilize the funds to advance the development of its differentiated clinical-stage Antibody-Drug Conjugate (ADC) pipeline.
This includes supporting the planned pivotal trial of rinatabart sesutecan (Rina-S), one of its lead drug candidates.
Focus on Novel Therapeutics for Cancer
ProfoundBio, led by CEO Baiteng Zhao and COO/CFO Erin Lavelle, is dedicated to developing innovative treatments for cancer patients.
The company’s pipeline includes multiple ADC drug candidates targeting both solid tumors and hematological malignancies.
Among these are rinatabart sesutecan (Rina-S; PRO1184), PRO1160 targeting CD70, PRO1107 targeting PTK7, and PRO1286, a bispecific ADC targeting two solid tumor antigens.
Strengthening Leadership and Board
In addition to the funding, ProfoundBio has enhanced its board of directors with the appointment of Andrew Lam from Ally Bridge Group.
The company has also added two independent directors, Eric Dobmeier and Enoch Kariuki, who bring valuable experience in biotechnology and investment.
They join existing board members Baiteng Zhao, Lynn Yang (HongShan), and Josh Jin (LAV).
ProfoundBio’s successful funding round underscores the growing interest and support for innovative cancer therapeutics, particularly in the field of ADCs.
The company’s commitment to advancing its pipeline and strengthening its leadership team positions it well for future growth and development in the fight against cancer.Share on Facebook «||» Share on Twitter «||» Share on Reddit «||» Share on LinkedIn