On June 2, 2022 ProfoundBio, a biotech company focusing on the development of novel targeted therapies, reported the closing of a $70 million Series A+ financing round led by Sequoia China (Press release, ProfoundBio, JUN 2, 2022, View Source [SID1234615476]). Current investors Lilly Asia Venture, Oriza, Chang’an Capital, LYFE Capital, and K2VC also participated in this round of financing. ProfoundBio has raised a total of more than $138 million in the past two years. Following the closing, Lynn Yang from Sequoia China will be joining the company’s Board of Directors.
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ProfoundBio will use the proceeds to advance PRO1184 and PRO1160 into Phase 1 clinical trials. PRO1184 is a folate receptor alpha (FRα)-directed ADC for potential treatment of multiple solid tumors and PRO1160 is a CD70-directed ADC for both hematological and solid tumor indications. Preclinical studies suggest that both compounds may achieve favorable benefit to risk profiles in the clinic. Additionally, the company will continue to accelerate multiple early-stage programs to preclinical and CMC development, strengthen and expand innovative ADC technologies, and establish vertically integrated development capabilities to streamline discovery to clinical trials.
"This financing, especially in the context of this challenging economic environment, represents the confidence our new and all our current investors have in our capabilities, pipeline, and ADC technology." said Baiteng Zhao, PhD, co-founder, CEO, and Chair of the Board of ProfoundBio. "We made tremendous advancements as we continue to execute on our plan to bring novel therapeutics to patients with cancer. We will soon submit an IND for PRO1184, already initiated IND-enabling activities for PRO1160, and continue to expand our pipeline. In addition, we established multiple novel ADC technology platforms as presented at the 2022 AACR (Free AACR Whitepaper) annual meeting. Finally, and of equal importance, our team continues to strengthen with numerous key people identifying with and wanting to be a part of our vision."
Lynn Yang, Partner at Sequoia China, said, Sequoia China invests in founders who are truly capable of pushing the envelope of ground-breaking technologies. We invested in the ProfoundBio Series A financing and led the following A+ financing. ProfoundBio is a leading company in ADC research and development, and they deeply understand the balance between an ADC’s effectiveness and safety. With proprietary underlying technologies, ProfoundBio has developed a pipeline of products that are expected to be highly competitive in the market. The company’s products will enter into the clinical stage and potentially provide better care for patients in need.