ProfoundBio Closes $112 Million Series B to Advance ADC Drug Candidates Into Pivotal Clinical Development

ProfoundBio, a clinical-stage biopharmaceutical company focused on developing next-generation antibody-drug conjugates (ADCs) for cancer patients, recently announced the completion of a $112 million Series B financing round. The round was led by Ally Bridge Group, with additional support from top-tier specialist healthcare and mutual fund institutional investors including Nextech Invest, T. Rowe Price, Janus Henderson Investors, RA Capital Management, and OrbiMed. Gaorong Ventures participated in ProfoundBio's Pre-A and Series A rounds in 2021.

This financing underscores the confidence of both new and existing investors in ProfoundBio's innovative cancer treatment technology. The proceeds will accelerate the development of its ADC pipeline, including advancing pivotal clinical trials for rinatabart sesutecan (Rina-S), an ADC drug for treating ovarian cancer.

ProfoundBio's product pipeline primarily comprises antibody-drug conjugates (ADCs) and other antibody-based therapeutic solutions. Leveraging its proprietary and innovative technology platform, the company has developed a portfolio of ADC drug candidates targeting multiple tumor targets, currently at various stages of drug discovery, preclinical, and clinical development.

Advancing Clinical Development, Innovating Cancer Treatment

This financing round will advance ProfoundBio's preclinical and clinical-stage ADC pipeline. Its solid tumor-focused programs include:

Rina-S, an ADC targeting folate receptor alpha (FRα), currently in Phase 2 clinical studies for patients with ovarian and endometrial cancers, with pivotal clinical studies in ovarian cancer expected to begin later this year. Rina-S has received Fast Track Designation from 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.

PRO1160, an ADC targeting CD70, currently in Phase 1 clinical studies, with initial results expected to be published in 2024. CD70 is highly expressed in multiple solid and hematological tumors, including renal cell carcinoma, nasopharyngeal carcinoma, and non-Hodgkin lymphoma. Preclinical data demonstrate that PRO1160 has favorable safety, activity, and pharmacokinetic profiles, with the potential to bring better treatment options to these cancer patients.

PRO1107, an ADC targeting protein tyrosine kinase 7 (PTK7), currently in Phase 1 clinical studies, with the first patient dosed in the United States in early February this year. Initial results are expected to be published in 2025.

PRO1286, a bispecific ADC targeting multiple solid tumors, expected to enter clinical stages in 2024.

Delivering Breakthrough Therapies for Cancer Patients

"This Series B financing represents a significant milestone in our journey to redefine cancer treatment," said Dr. Baiteng Zhao, Co-founder, CEO, and Chairman of ProfoundBio. "Led by Rina-S, our ADC pipeline demonstrates our commitment to delivering breakthrough therapies for cancer patients. With this support, we are better positioned to advance the clinical development of these programs and provide differentiated treatment options."

"We are thrilled to have the endorsement of top-tier life sciences investors," said Erin Lavelle, Chief Operating Officer and Chief Financial Officer of ProfoundBio. "Their validation reflects the progress we have made and underscores our continued mission to develop innovative ADC drugs that bring better outcomes for cancer patients. This financing accelerates our momentum, especially given that we already have three ADC programs in clinical stages and another program that will enter clinical development in the coming months. This is a critical step toward achieving major milestones and delivering key data this year and into 2025."

For more information, please visit www.profoundbio.com